The rest of the precious metals staged bigger rebounds from yesterday's plunge.
Spot silver jumped 1.1% (+16¢) to $14.57/oz.
Meanwhile, palladium surged $36 (+4.3%) to trade back near $880/oz. Platinum recovered about 2.0% to $782/oz.
Housing Starts Up
There were several key economic indicators for investors to chew on Thursday.
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According to the Department of Commerce, housing starts were up 0.9% in July. The pace of new home construction slowed compared to a year ago, however.
Housing data for June was also revised upward.
Weekly jobless claims were also reported by the Department of Labor. New claims fell by 2,000 to a seasonally-adjusted total of 212,000. Analysts were expecting a slight increase.
In other news, the Philly Fed manufacturing index dropped sharply to begin August, hitting a 21-month low. This was somewhat surprising given the encouraging reading of a similar regional index by the New York Fed earlier this week.
The DXY index was down slightly following the economic reports, trading at 96.6.
There is good reason to believe that some of the world's smaller central banks may be selling their gold in order to keep their currencies from falling farther against the dollar.
Stocks Eye Rebound
Wall St opened higher this morning after closing in the red yesterday.
Shares in Europe were also up, but equities dipped overnight in Asia.
The Dow Jones Industrials are currently enduring the index's longest stretch in correction territory in almost six decades.
The 10-year Treasury yield was flat at 2.86%, narrowing the spread with the 2-year Treasury to just 25 basis points. Most other global bonds saw fresh demand.
The softer dollar helped commodity prices rise Thursday. Crude oil was a bit higher in early trading.
Similarly, the euro recovered modestly to $1.138. However, the pound sterling remains stuck just above $1.27.
The prospect of another round of trade negotiations between American and Chinese officials helped the yuan post its biggest gain against the USD in six months.
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