Major US stock indices rebounded on Thursday, as technology stocks inched higher amid escalating Middle East tensions.
At the opening bell, the Dow Jones Industrial Average rose 53.3 points, or 0.11%, to 49,972.07. The S&P 500 rose 20.7 points, or 0.28%, to 7,287.67, while the Nasdaq Composite rose 140.3 points, or 0.56%, to 25,309.778.
Bullion
Gold prices remained largely unchanged after slipping to their lowest level in six months on Thursday, as weaker-than-expected US labor market data helped counter concerns stemming from persistent inflation and growing expectations of further interest rate hikes ahead of the Federal Reserve’s policy meeting next week.
Fresh economic data showed that initial jobless claims in the United States climbed to 229,000 for the week ending June 6, indicating some softening in the labor market and providing support to bullion prices.
At 9:17 a.m. ET (1317 GMT), spot gold was steady at $4,076.88 per ounce. US gold futures for August delivery were down 0.9% at $4,097.10.
Among other metals, spot silver fell 0.3% to $63.52 per ounce, platinum gained 0.4% to $1,670.85 and palladium climbed 1.7% to $1,236.58.
“A weaker jobs market at this point would be supportive of gold prices,” said David Meger, director of metals trading at High Ridge Futures.
But, “we saw inflation data both yesterday and today showing that inflationary pressures continue to rise; the potential for higher interest rates has been supporting the dollar and pressuring the gold market,” he added.
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