Gold Prices Showing A Lack Of Direction

(RTTNews) - Gold prices have shown a lack of direction over the course of the trading session on Thursday, bouncing back and forth across the unchanged line following the significant pullback seen in the previous session.

After slumping $46.40 or 1.1 percent to $4,140.70 an ounce during Wednesday's session gold for December was last trading up $21.10 or 0.5 percent at $4,161.80 an ounce.

The volatility on the day comes as the value of the U.S. dollar has also lacked direction, with the U.S. dollar index bouncing back and forth across the unchanged line.

Gold traders seem to have shrugged off a sharp increase by U.S. crude oil futures, which have given back some ground after spiking by more than 5 percent but remain up by 3 percent.

Crude oil prices surged early in the day after a report from NBC News said President Donald Trump and his national security team have discussed possibly resuming large-scale U.S. military operations in Iran in the coming weeks.

Citing a U.S. official and another person with knowledge of the discussions, NBC News said the options included launching strikes before the midterm elections next month.

However, the price of crude oil pulled back off its highs after President Donald Trump denied the U.S. would be attacking Iran at any time prior to the elections.

In a post on Truth Social, Trump also claimed the U.S. is having "productive discussions" with Iran and that oil is flowing through the Strait or Hormuz at "record numbers of barrels."

In U.S. economic news, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits unexpectedly dipped from an upwardly revised level in the week ended October 3rd.

The report said initial jobless claims edged down to 197,000, a decrease of 2,000 from the previous week's revised level of 199,000.

Economists had expected jobless claims to rise to 200,000 from the 197,000 originally reported for the previous week.