Gold prices in New York rose on the 27th

Source: Xinhua Finance

Xinhua Finance, New York, August 27 (Reporter Xu Jing) — On August 27, the most actively traded December 2026 gold futures price on the New York Mercantile Exchange rose by $1.5, closing at $4654.8 per ounce, an increase of 0.03%.

Due to the drop in U.S. Treasury yields, gold prices edged higher that day, but with little movement overall.

According to the U.S. Department of Labor's statistics, last week the number of initial unemployment benefit claims in the U.S. fell from 207,000 to 203,000, lower than the previous forecast of 208,000, indicating a robust labor market.

Data from the U.S. Department of Commerce showed that in July, the U.S. trade deficit widened from $102.1 billion to $118.8 billion.

Cleveland Fed President Beth Hammack stated at the ongoing Jackson Hole symposium, "Given persistent inflation, now is the time to take action." Previously, Kansas City Fed President Jeffrey Schmid described inflation as "still stubborn" and "still difficult to eradicate." Chicago Fed President Austan Goolsbee also said inflation is his biggest concern.

The market is now focused on Federal Reserve Chair Kevin Walsh's speech on August 28 at the Jackson Hole symposium, as any remarks about the economy may hint at the future direction of interest rates.

UBS analysts said that, driven by the revival of de-dollarization transactions and the U.S. facing significant fiscal challenges, gold may rise above $5,400 per ounce before next summer.

On the same day, December silver futures prices rose by $1.246, closing at $70.065 per ounce, an increase of 1.81%.

Editor: Zhu Hanan