Gold prices rose earlier on news more sought first-time joblessness assistance in the U.S. last week, which weakened the dollar, though the yellow metal gave back gains on sentiments the Federal Reserve will hike interest rates next year. Gold gives back gains stemming from soft U.S. jobs dataGold gives back gains after investors shrug off lackluster jobless claims report Gold and the dollar tend to trade inversely with one another. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.02% at $1,159.30, up from a session low of $1,153.40 and off a high of $1,167.30. The December contract settled down 0.34% at $1,159.00 on Wednesday. Futures were likely to find support at $1,145.50 a troy ounce, Tuesdays low, and resistance at $1,177.50, Mondays high. Gold futures rose earlier after the Labor Department reported that the number of individuals filing for initial jobless benefits in the week ending Nov. 8 rose by 12,000 to a seasonally adjusted 290,000 from the previous week’s total of 278,000. Analysts had expected jobless claims to rise by 4,000, and the numbers gave investors reason to sell the greenback for profits, thus boosting golds image as a hedge to a softer greenback. The dollar has surged in recent weeks as investors prepare for U.S. monetary policy to grow less accommodative while Europe and Asia move in the opposite direction to kick-start their recoveries.
Posted on: Fri, 14 Nov 2014 03:28:44 +0000
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