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investingLive Americas FX news wrap 11 Dec USD Slides on Jobless Claims;Gold & Silver Soar
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Key Takeaways (30s Read)
The US dollar declines as gold and silver surge due to weaker jobless claims data.
USD Weakness and Performance of Precious Metals
The US dollar has declined as jobless claims data was released, showing initial claims at 236,000, above the expected 220,000, confirming a weaker labor market. This pressured US Treasury yields lower, affecting the greenback's demand negatively. Gold surged sharply, gaining $45.41 to close at $4,273. Silver continued its upward trajectory, now priced at $63.47, thanks to a combination of lower yields and a softened dollar. Crude oil also tested critical support but bounced back, indicating mixed market reactions to economic indicators. Overall, the labor data signals further caution among investors regarding the economic outlook, with the dollar retreating and capital flowing into precious metals, necessitating close monitoring of subsequent financial policies and further economic data releases.AI Analyst
AI Opinion
"The recent employment figures from the US highlight the adjustments in investor sentiment towards the dollar. The rise in initial jobless claims indicates potential weakness in the economic recovery, prompting a cautious outlook on the dollar. Consequently, yield declines have sparked increased demand for safe-haven assets, translating into significant gains for gold and silver, which have rallied in response to the softer dollar. As gold reaches $4,273, its historical highs become more attainable. The overall market performance and upcoming economic data will be crucial for currency and commodity traders."
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