Gold Drops as Mixed US Data and OPEC+ Cuts Cloud Fed Outlook
- Dollar and Treasury yields rise following strong US data
- US jobless claims rise more than expected last expected
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Gold slipped as fresh data continued to paint a mixed picture of the US economy, clouding the outlook for the Federal Reserve’s interest-rate path.
Initial unemployment claims in the US increased by 29,000 to 219,000 in the week ended Oct. 1, Labor Department data showed Thursday. The print was more than forecast, although it remained at a historically low level. The dollar extended its advance after the data, weighing on bullion since it is priced in the greenback.