The precious metals has been seeing gains along with the US stock market. A weaker US dollar index has also supported precious metals market bulls. June gold futures increased by $34.10 an ounce at $1,722.60. July Comex silver prices gained $0.555 trading at $15.57 an ounce.
Earlier this morning, the US Labor Department reported new rounds of unemployment claims, which totaled 3.1 million. Despite the enormous number of jobless claims we’ve seen in recent weeks, the number is still huge.
The US Labor Department expects to register a loss of over 20 million jobs in April and an unemployment rate of 15%, after an unemployment rate of 4.4% reported in March.
This week, traders and investors have been more positive. Nymex crude oil futures prices recovered, and US and European economies began to reopen. However, the coronavirus cases and deaths in the US continue to rise.
Another decisive factor for traders and investors have been today’s reports about the US and China trade officials meeting next week. It comes after the recent rise in tensions between the two countries. The US has accused China of hiding the coronavirus outbreak, even creating the virus in a laboratory of Wuhan.
Besides, China got some promising economic data. The country’s exports surprisingly climbed in April by 3.5%, after dropping 6.6% in March.
Meanwhile, China’s imports declined by 14.2% in April after dropping only 0.9% in March.
Analysts believe that the combination of global economies coming back to life rapidly and large stimulus measures from the central banks would produce massive demand for raw commodities. It would drive their prices sharply higher. However, they lean on the side of problematic price inflation.
The other significant outside market Thursday observes Nymex crude oil prices climbing higher and trading approximately $25.25 a barrel in June futures. Prices have more than tripled from the recent low.