Gold drops to 3-week low, as jobless claims hits lowest since 1969
Gold prices fell to the lowest level in the last 3-weeks, as data from the United States showed that jobless claims fell to a pre-pandemic low.
Figures from the Labor Department’s initial jobless claims report showed that the number of Americans filing for unemployment benefits fell by 71,000 last week.
|💡 U.S labor markets getting stronger|
Along with the drop in weekly claims, continuing claims, which run a week behind, fell by 60,000 to 2.05 million, a fresh pandemic-era low and a strong sign that the labor market is getting notably tighter.
The drop in claims came alongside indications that the economy grew a bit faster than originally thought over the summer, though not quite as quickly as Wall Street had expected.
This drop saw claims recorded at 199,000 for the week that ended November 20th, versus market expectations for 260,000 applications.
XAUUSD fell to an intraday low of $1,778, which is the lowest level gold prices have traded since November 5th.
Both the benchmark S&P 500, and NASDAQ index were marginally higher on the news.
Tesla shares up, despite Musk selling $1 billion in stock
Tesla’s share price was trading higher on Wednesday, despite the news confirming that Elon Musk had sold more stock in the company.
It was reported that Musk had sold $1 billion worth of shares on Tuesday, which is the third time in recent weeks, the company’s founder has liquidated some of his holdings.
This now brings the total value of his share sale to $9.85 billion, all of which has been in the past two weeks.
Musk began selling shares in the electric vehicle maker after he held a twitter poll, asking his followers to vote on if he should sell stock, to meet tax obligations.
Despite the recent sales, Musk still currently holds close to over 169 million shares in the company.
$TSLA was trading 1.43% as of writing.
Oil rally stalls as crude stockpiles increase
After two sessions of strong gains, oil prices stalled on Wednesday, as data showed that U.S. stockpiles grew by over 1 million barrels.
The data, which was released by the Energy Information Administration, reported that crude stockpiles rose by 1.017 million barrels last week.
Markets had initially forecasted that stockpiles would fall by 481,000 barrels, in the aftermath of the recent release of U.S. oil reserves.
|💡 OPEC considers lowering production on this news|
The 23-nation alliance already rebuffed calls from U.S. President Joe Biden and others earlier this month to speed up the return of supplies halted during the pandemic. Delegates said that even the modest production increase they have penciled in may now be re-evaluated when the group meets next week.
Wednesday’s price uncertainty also comes as China , who recently agreed to tap into its own reserves, indicated that it will do so at its own pace.
WTI crude mainly hovered below its key resistance level of $79 per barrel in today’s session.
“An investment in knowledge pays the best interest.”– Benjamin Franklin