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Gold futures turn lower as the dollar strengthens following a jump in U.S. jobless claims

April 16, 2020

Gold futures gave up earlier gains to turn lower on Thursday, pressured as the U.S. dollar strengthened in the wake of a surge in weekly U.S. jobless claims, which underlined the rapid deterioration in the economy from the COVID-19 pandemic.

The U.S. Labor Department on Thursday reported that 5.25 million workers who have lost their jobs applied for unemployment benefits last week, driving the number of coronavirus-related layoffs above 21 million in just one month.

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