2023.11.0918:27:00UTC+00Gold Futures Snap 3-day Losing Streak, Settle Modestly Higher

Gold futures settled higher on Thursday as the dollar struggled a bit after some Federal Reserve officials commented that the central bank's policy stance is probably sufficiently restrictive.

Chicago Federal Reserve President Austan Goolsbee has even warned against an interest rate overshoot.

The dollar index, which fell to 105.38 in the New York session, after having climbed to around 105.70 in the European session, emerged above the flat line later on in the session.

The dollar's recovery and higher bond yields limited the yellow metal's uptick.

Gold futures for December ended higher by $12.00 at $1,969.80 an ounce, gaining after three successive days of declines

Silver futures for December ended up $0.177 at $22.905 an ounce, while Copper futures for December settled at $3.6405 per pound, gaining $0.0025.

The dollar, which dropped earlier in the session, rebounded after Powell said the central bank will not hesitate to tighten policy further if its becomes appropriate.

Powell added that the central bank will continue to move carefully, and decided on its policy path meeting by meeting.

In economic news, data from the Labor Department showed first-time claims for U.S. unemployment claims edged down from an upwardly revised level in the week ended November 4th.

The report said initial jobless claims slipped to 217,000, a decrease of 3,000 from the previous week's revised level of 220,000.

Economists had expected jobless claims to inch up to 218,000 from the 217,000 originally reported for the previous week.