Gold Extends Gains 5-Week High After Jobless Claims Data, Fed Hike Hopes

Gold Extends Gains 5-Week High After Jobless Claims Data, Fed Hike Hopes

Prices of US gold futures added to gains to 5 weeks Thursday following data showed the number of people who filed for jobless claim in the US suddenly rose last week, in addition to the policy meeting by the Fed last month indicated that a rise in interest rates in the United States in September may be unlikely.

On the Comex, Gold futures for December delivery rose to an Intraday peak of $1,143.40 a troy ounce, while in Singapore spot gold prices rose as far as $1,141.75 an ounce, its loftiest since July 17, and was up 0.4 per cent at $1,138.50.

The Department of Labor of the United States said that the number of individuals who filed for unemployment benefits increased by by 4,000 last week to a five-week total of 277,000 last week from 273,000. Analysts had expected initial unemployment claims to fall by 1000 to 272,000 last week.

A day before, gold rose $ 11.00, or 0.98%, to close at $ 1127.90 after the prospects for a rate hike in September by the Federal Reserve appeared dim after the release of the minutes of meetings July.

Politicians expressed great inflation worries and the backwardness of the weak global economy, leading some investors to question the probability of a rate hike in September.

Bullion is underway for a second weekly gain after ending his retirement longest since 1999, having benefited last week from the uncertainty raised by China surprise devaluation of its currency.

A potential delay an increase in the rate in December provides upside potential for gold bearing without interest.

Many observers had been betting on a rate hike when Fed policy makers next meeting in September Given sustained strength in the world’s largest economy. However, some lawmakers thought could adopt a gradual approach in raising rates after the devaluation of yuan China.

Amid a firming trend overseas, gold for delivery in far-month October rose Rs 174, or 0.66%, to Rs 26,370 per 10 grams on the Multi Commodity Exchange.

Standard gold surged 1.6% to close at 26,620 rupees per 10 grams below about 2% or $ 23 increase in world markets in the past two days.

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