Gold rises as U.S. dollar weakens

By Xu JingUnreguser

CHICAGO, May 26 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar fell.

The most active gold contract for June delivery rose 1.3 U.S. dollars, or 0.07 percent, to close at 1,847.6 dollars per ounce.

Gold's growth is capped as the U.S. Labor Department reported on Thursday that U.S. initial jobless claims decreased by 8,000 to 210,000 in the week ending May 21.

Other economic data released on Thursday supported gold. The U.S. Commerce Department reported that the country's real gross domestic product (GDP) decreased at an annual rate of 1.5 percent in the first quarter of 2022, following an increase of 6.9 percent in the fourth quarter of 2021.

The National Association of Realtors reported that U.S. pending home sales plunged by 3.9 percent to 99.3 in April after tumbling by 1.6 percent to a revised 103.3 in March.

Silver for July delivery rose 9.5 cents, or 0.43 percent, to close at 21.965 dollars per ounce. Platinum for July delivery rose 8.1 dollars, or 0.87 percent, to close at 937.4 dollars per ounce.

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