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Thursday\u2019s move represented a second straight day of gains for the yellow metal, after a lacklustre first half of the week, taking prices to a two-week high.<\/p>\n\n\n\n
US initial jobless claims figures released Thursday showed a larger-than-expected increase in the number of Americans seeking unemployment benefits, coming in at 229,000 in the week to June 1, compared with market expectations of 220,000. Any signs of a weaker economy suggest increased pressure on the US Fed to cut interest rates \u2013 a bullish factor for non-yielding gold.<\/p>\n\n\n\n
US 10-year treasury bond yields were broadly steady on Thursday, hovering at a two-month low, and this downward move has provided an additional supportive element for gold prices.<\/p>\n\n\n\n
Elsewhere, the European Central Bank cut interest rates by 25 basis points to 4.25% as expected on Thursday, after nine months of steady rates. While the move is less significant for gold than a US Fed rate cut, it nevertheless highlights that recent expectations over the start of an interest rate-cutting cycle have started to materialise among major central banks.<\/p>\n\n\n\n
Looking ahead, all eyes will be on the monthly US non-farm payrolls figures for May on Friday as well as the US unemployment rate for May, for further signals on possible interest rate changes in the coming months. ECB President Christine Lagarde is also set to give a speech on Friday afternoon, following Thursday\u2019s decision to cut interest rates to 4.25%.<\/p>\n\n\n\t\t\t