The U.S. Labor Department reported a surge in weekly unemployment claims for the week ending May 4, with applications rising by 22,000 to 231,000.

Gold futures inched lower on Thursday, as the U.S. dollar gained strength and investors remained cautious ahead of crucial economic data releases. The most active June 2024 contract for gold futures closed at $2,322.30 in New York, down $1.90.

According to Minneapolis Fed President Neel Kashkari, the Federal Reserve's inflation crusade may still not have restricted policy enough to bring down high prices.