Gold Future Prices Higher On Dollar Weakness; US Jobless Claims Data In Focus

Gold Future Prices Higher On Dollar Weakness; US Jobless Claims Data In Focus

Gold futures prices stayed higher in trade on Thursday, as the dollar touched a 2-week low against the yen and as the investors digested a pair of U.S. employment reports for clues about the Federal Reserve’s next interest rate hike.

Gold for June delivery on the Comex Exchange inched up $2.75, or 0.23%, to trade at $1,217.45. A day earlier, gold dipped $2.80, or 0.23%, as investors digested mostly upbeat data on U.S. manufacturing and auto sales.

Spot gold was up 0.3 per cent at $1,215.41 an ounce.

The Department of Labor said that the number of individuals who filed initial for unemployment benefits declined by 1,000 to 267,000 last week. Analysts were expecting unemployment claims to rise by 2000 to 270,000 from 268,000 the previous week.

The report came after payroll processing company ADP said of the private non-farm employment increased by 173,000 in May, just below expectations for a 175,000 increase, but gains from 166,000 in April.

The US dollar slipped 0.3 percent versus a basket of six other major currencies, making gold cheaper for those holding other currencies.

Bullion has taken a beating after the last Fed meeting minutes released in May, and comments by top officials of central banks, including the President, Janet Yellen, boosted expectations of an imminent rate increase in the United States.

At the Multi Commodity Exchange, gold prices for delivery in June contracts plunged Rs 119 or 0.42 per cent to Rs 28,508 per 10 grams as participants indulged in cutting their bets amid a weak trend at the domestic spot markets.

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