Gold prices up in Asian trade as investors see continued easy monetary policies

Gold prices up in Asian trade as investors see continued easy monetary policies

Prices of gold futures quoted up in Asia on Friday in a busy data day, although a holiday (Labor Day) in many countries as investors saw continued accommodative monetary policy. While a weaker US dollar holds bullion prices on track for its first weekly rise after a sharp drop of almost 2 percent in the previous session.

On the Comex, gold for June delivery inched up 0.09% to $1,183.50 a troy ounce. Spot gold edged down 0.1 percent to $1,182.90 an ounce.

On earlier Thursday, the Labor Department said US initial jobless claims for the week ending April 25 fell by 34,000 to a 15-year low of 262K.

Analysts expected a fall of 6,000 for the week. It marked the lowest level since April 2000. The four-week average of initial claims fell by 1250-283750, slightly below its level of a month earlier.

On Wednesday, the FOMC said in a report that rates wanted to see improvements in the labor market prior to deciding to raise rates for the first time in nearly a decade.

The dollar index is currently plunged near a two months of low and is set to post its biggest weekly drop since the end of March amid uncertainty about when to a rate hike by the Federal Reserve of the United States.

In Asia, physical demand was light, with China and Singapore were closed down for holidays.

The domestic stock exchange will remain closed today because of Maharashtra Day that is being observed in the financial capital of Mumbai. The commodity exchanges also will be closed, but trading will resume in the afternoon session.

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