Gold futures rallied on Thursday after the recent session trading to just below a maximum of one week as recent comments by Federal Reserve President Janet Yellen, drove investors to roll back expectations of a rate rise in the United States.
On the Comex, US gold futures for April delivery rose $ 13.40, or 1.12%, to trade at $ 1214.90 a troy ounce after hitting an intraday high of $ 1219.80 most since February 19.
Investors reduced expectations of a rate hike mid-year after Yellen said that if the economy continues to improve as hopes that the Fed changed its orientation forward, but emphasized that a change in your language does not should be read as an indication that a rate hike would automatically be moved within a series of meetings.
Gold also clung to gains because investors digested a number of US data on initial jobless claims, inflation in consumer prices and orders for durable goods.
The Department of Labor said US the number of individuals presenting for initial jobless benefits increased by 31,000 last week to 313,000 from the previous week’s total of 282,000. Analysts had expected initial unemployment claims will increase by 8000 to 290,000 last week.
Simultaneously, the Department of Labor said US consumer prices decreased by 0.7% last month, compared with estimates for a decline of 0.6% following a fall 0.4% in December.
A separate report showed the total number of US durable goods orders, which include transportation items, rose 2.8% last month, beyond expectations by an increase of 1.7%.
Core orders for durable goods, excluding volatile shuttle, 0.3% in January, disappointing expectations for a gain of 0.5% increased.
The prices of gold climbed on MCX futures trading as profiteers created new positions after the precious metal went up in global markets. At the Multi Commodity Exchange, gold futures for June gains by Rs 119, or 0.45 percent, at 26,434 rupees per 10 grams.
For commodity market tips, MCX live tips, and trading market latest news & updates with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook. And to contact the reporter on this story email at email@example.com or Call: +91-761-4012307