MTECHTIPS:-Gold sinks to lowest in 3 weeks after upbeat U.S. economic

MTECHTIPS:-Gold sinks to lowest in 3 weeks after upbeat U.S. economic data

MTECHTIPS-Gold prices sank to the lowest level in around three weeks in North American trading on Thursday, adding to overnight losses following the release of upbeat U.S. economic data and as investors continued to digest the Federal Reserve’s hawkish message. Comex gold futures were at $1,255.37 a troy ounce by 9:00 AM ET (1300 GMT), down $20.72, or around 1.6%. Meanwhile, spot gold was at $1,253.11. Gold prices touched their lowest since May 24 at $1,252.70 earlier in the session. The U.S. Department of Labor said initial jobless claims in the week ending June 10 decreased by 8,000 to 237,000 from the previous week’s total of 245,000. Analysts expected jobless claims to fall by 3,000 to 242,000 last week. Separately, the Federal Reserve Bank of Philadelphia said its manufacturing index slipped only to 27.6 this month from May’s reading of 38.8. Analysts had expected the index to decline to 24.0. Meanwhile, the Empire State manufacturing index climbed to 19.80 in June from -1.00 the previous month, compared to expectations for a reading of 4.00. The data came a day after the Fed raised interest rates for the second time this year, putting it in a range between 1.0%-1.25%. The central bank maintained its outlook of one more rate hike for this year, as it expects that a tightening labor market will lift inflation to the 2% target over the medium term. The Fed also provided greater details on how it plans to reduce its massive $4.5 trillion balance sheet
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