Gold Futures Settle Lower
Gold prices drifted lower on Thursday, as the dollar strengthened against major currencies and trade war concerns subsided after Wednesday's meeting between U.S. President Donald Trump and European Commission President Jean-Claude Juncker.
Amid easing concerns over trade war, traders are moving away from the yellow metal again.
Gold futures for August ended down $6.10 or 0.5% at $1,225.70 an ounce. On Wednesday, gold futures for August settled at $1,231.80 an ounce, gaining $6.30 or 0.5%.
The dollar index, which had eased to 93.87 earlier in the day, was up 0.45 or 0.48% at 94.43.
Silver futures for September were down $0.134 or 0.86% at $15.455 an ounce and Copper futures declined 0.3% to $2.807 per pound.
Worries about U.S. — Eurozone trade tension have subsided significantly after Trump and Juncker agreed to work for zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto goods. They also agreed to increase trade in services and agriculture, including greater U.S. soybean exports to the EU.
In economic news from U.S., a report released by the Commerce Department showed a notable 1% increase in new orders for U.S. manufactured durable goods in the month of June. Durable goods orders had declined by a revised 0.3% in May.
The increase in durable goods orders was partly due to a rebound in orders for transportation equipment, which surged up by 2.2% in June following a 1.4% slump in May.
Meanwhile, the European Central Bank left its interest rates unchanged as expected. The bank has maintained the forward guidance on monetary stimulus, following the Governing Council's June decision to halve the monthly asset purchases after September, and to eventually end them in December.
European Central Bank President Mario Draghi said the euro area economic recovery is proceeding along its solid and broad-based path despite prominent uncertainties linked to the global trade.