Gold Holds $4,500 Level as Oil Jumps and US Claims Steady at 209k
Spot gold tested $4,500 per ounce support as oil rebounded on renewed U.S.-Iran friction, while U.S. weekly jobless claims held at 209,000 and Treasury yields hovered near 4.6%. U.S. housing starts fell 2.8% to 1.465 million units and the Philadelphia Fed manufacturing index plunged into contraction, boosting safe-haven demand for AAAU.
1. Gold Price Fluctuations
Spot gold traded around $4,500 per ounce after oil prices rebounded on renewed U.S.-Iran friction, driving cautious risk sentiment. Gold briefly climbed to $4,513/oz following the rebound in oil markets before pulling back toward session lows.
2. U.S. Economic Indicators
Weekly U.S. jobless claims held at 209,000, in line with forecasts, while Treasury yields remained near 4.6%, pressuring non-yielding assets. April housing starts fell 2.8% to a 1.465 million annualized pace and the Philadelphia Fed survey plunged into contraction, underscoring mixed economic conditions.
3. Implications for AAAU Investors
Weaker housing and manufacturing data alongside higher yields have reinforced gold’s appeal as a haven, supporting AAAU’s net asset value. Continued geopolitical tensions and economic uncertainty could drive further inflows into physical gold holdings.