Gold Prices Regain Ground But Upside Limited From Near Six-Year Lows

Gold Prices Regain Ground But Upside Limited From Near Six-Year Lows

Gold rallied on Friday, but prices remained a short distance from a five and a half year low, since the expectations that the Fed will take its time about interest rates triggered a wave of short covering.

On the Comex, gold futures for December delivery were up 0.23% at $1,080.40. Spot gold was up 0.1 percent at $1,082.90 an ounce.

The market had grown more widespread downward after falling to its lowest level since February 2010 at $ 1064.95 an ounce on Thursday, analysts said. A hint in the minutes of the last meeting of the Fed that the bank would move cautiously on rates led to short covering.

Optimistic US economic reports released on Thursday added to expectations of a rise in US rates prior to the end the year.

The Department of Labor of the United States said on Thursday the number of individuals who filed for unemployment benefits in the week ending November 14 fell 5000-271000 total of 276,000 the previous week.

Moreover, the Federal Reserve Bank of Philadelphia said its manufacturing index improved to 1.9 this month from -4.5 reading in October.

The Chinese banks are growing alarmed by a growing number of defaults among jewelry makers, leading to review new gold loans more carefully, according to sources with direct cognizance of the matter.

At the Multi Commodity Exchange, gold for delivery in far-month February next year gained Rs 68, or 0.27%, to Rs 25,530 per 10 grams as speculators enlarged positions, taking positive cues from overseas markets.

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