Market sentiment improved further as latest US weekly jobless claims came in below forecasts, easing recent concerns about a rapid cooling of labor market and fears of a potential recession. Decline in initial applications helped ease market nerves as it suggests that workforce may be returning to its pre-pandemic trend rather than deteriorating rapidly.
US first-time filings for jobless benefits totaled 233,000 for the week, marking a decrease of 17,000 from previously upwardly revised level, due to fewer applications in states that had experienced significant increases in recent weeks such as Michigan, Missouri, and Texas.
Despite a stronger dollar and rising treasury yields, Comex Gold is holding gains, trading near $2550/oz, buoyed by geopolitical tensions and expectations of larger rate cuts. Meanwhile, WTI crude extended gains, trading near a session high of $75.7/bbl on improved risk appetite while metals continue to face pressure.
