Gold futures hit session highs on softer dollar, sluggish US data

Gold futures hit session highs on softer dollar, sluggish US data

Bullion was boosted when the dollar fell for a third consecutive session against a basket of major currencies on Thursday. Image Source: http://bit.ly/1aZGBIU

Prices of gold futures rose to the highest levels of the session above $ 1,200 an ounce on Thursday, with a softer dollar and after the release of disappointing US data unemployment claims and construction permits.

On the Comex, gold futures delivery for June mark an Intraday session peak of $1,208.80 a troy ounce. Spot gold gained 0.4% to $1,206.55 an ounce, after climbing 0.7 percent on Wednesday.

Bullion was boosted when the dollar fell for a third consecutive session against a basket of major currencies on Thursday.

The Labor, Department of, U.S. said the number of individuals presenting for initial jobless benefits in the week ended April 11 rose by 12,000 to 294,000 Total 282,000 the prior week. The analysts had expected initial unemployment claims fell in 2000 to 280,000 last week.

At the same time, the United States Department of Commerce, said the number with Construction Permits issued in March fell 5.7% last month to 1,039,000 units a total of 1,102,000 February. Analysts expected construction permits fell 2.0% to 1.080 million units in March.

The report also shows that the US housing starts rose 2.0% in March from February, a total of 926,000 units from 908,000 units to hit, below expectations for an increase of 15.9% to 1.040 million.

The greenback looked modest losses versus the yen and euro early, and suffered bigger falls against the currencies of commodity-led Canadian dollar.

The weak dollar was also boosted by US economic data slow published on Wednesday.

The Indian rupee strengthened against the dollar on Thursday, as dealers awaited further clues on the direction of the economy. The rupee opened at 62.35 per dollar and touched a high and a low of 62.28 and 62.41, respectively, and closed at 62.30, up 0.11% from its previous close of 62.37.

Amid strengthening of the rupee in the domestic market, bullion is trading in a narrow range. MCX gold is trading close to 26 785 up by 0.18 per cent.

The analysts have made significant cuts to the expectations of gold and silver prices this year and next year after metals, burdened by the prospect of rising interest rates in the United States, failed to recoup the losses last year early 2015.

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