Gold Futures Prices Turn Higher After U.S. Jobless Claims Disappoint, Fed Rate Concern

Gold Futures Prices Turn Higher After U.S. Jobless Claims Disappoint, Fed Rate Concern

Prices of gold futures were modestly higher on Thursday, by extending a bounce off three-month lows after data showed the number of people who filed for unemployment assistance in the United States last week rose to its highest level in nearly five months to wet optimism over the vigorous economy will ask the Fed to delay raising the interest rates in the United States.

On the Comex, Gold for immediate delivery rose 0.6 percent to $1,165.72 an ounce.

The Department of Labor of the United States said that the number of people requesting initial for unemployment benefits rose by 15,000 last week to 297,000 from the previous week’s total of 282,000. The analysts had expected initial unemployment claims to drop to 7000-275000 last week.

Minutes of the June policy meeting, the Fed released on Wednesday showed that politicians wanted to see more signals from a US economy before lifting the strengthening of the interest rates.

Gold fell in the last four quarters, the longest fall since 1997, with the prospect of higher rates. The minutes of the Fed expressed concern that the turmoil overseas presents a risk to the expansion in the US. The IMF on Thursday cut its outlook worldwide growth in 2015.

In the meantime, investors continued to events closely which surround the debt of Greece crisis and the movements in the Chinese equity markets.

Besides in the domestic marketplace, at the Multi Commodity Exchange, gold for delivery in August fell Rs 128, or 0.49 percent, to Rs 26,085 per 10 grams.

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