Gold futures rises off 2-week lows ahead of U.S. economic reports

Gold futures rises off 2-week lows ahead of U.S. economic reports

Comex Gold traded at $ 5.5 an ounce to $ 1,261.4 IST early afternoon after having fallen $ 31 to $ 1,255.9 on Thursday.. Image Source: http://bit.ly/15Oq6Nk

In the US bag Comex gold futures prices rose on Friday, by loosening minimum of two weeks after hitting optimistic US unemployment claims data. And the most recent policy statement from the Fed, traders awaited the release of additional US economic reporting due at the end of the day.

Comex Gold traded at $ 5.5 an ounce to $ 1,261.4 IST early afternoon after having fallen $ 31 to $ 1,255.9 on Thursday in response to the optimistic assessment of the US Fed that the US economy and US jobless claims minima in more than a decade in the week ended Jan 24.

Gold futures edge fell after the Department of Labour of the United States reported on Thursday that the number of individuals who filed initial jobless benefits decreased by 43,000 to 265,000 last week. The analysts had expected initial unemployment claims decreased in 8000 to 300,000 last week.

The optimistic figures added to optimism regarding the strength of the US economy and fueled expectations that the Federal Reserve will be begin raising rates sooner than previously thought.

The US central bank upgraded its economy assessment and the labor market on Wednesday, leaving in the way to raise rates in the second half of this year.

ET had been reporting on gold quotes $ 1,260 sub levels in the short to medium term.

This is welcome news for the Indians consumers who buy to meet demand wedding season in the months ahead.

The active $1,260 put option expiring in April on Comex jumped in value to $38.5 at Thursday’s close from $23.7 a day earlier. The contract traded down at $35 on Friday noon. This signals the bearishness of traders towards gold in the near term. Investors who purchased the put option at Thursday’s close expect the metal to touch $1221.5 by April.

The market players was being watched produce preliminary data on growth in the fourth quarter, as well as reports regarding entrepreneurial activity in the Chicago region and revised on consumer sentiment data owing later in the day, for more information on the strength economic recovery in the United States.

At the Multi Commodity Exchange, Gold futrures prices rose by Rs 73 to Rs 27,482 per 10 gram as speculators engaged in enlarging positions amid a better trend overseas.

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