Gold Prices Holds Above 4-Week Low, As Yellen Speech Draws Closer

Gold Prices Holds Above 4-Week Low, As Yellen Speech Draws Closer

Prices of gold dropped to an fresh 4-week low in trading on Thursday, as the dollar lost little strength ahead of economic reports from the United States increases the chances of an increase in the interest rate in the next months.

Gold for December delivery on the Comex Exchange fell to an intraday low of $1,321.05 a troy ounce.

Spot gold was up nearly 0.2 per cent at $1,325.30 an ounce. The metal touched a four-week low of $1,323.20 on Wednesday on a firm dollar.

Ms Yellen is slated to address a meeting of central bankers in Jackson Hole, Wyoming, on Friday, and most recent comments the Fed have increased expectations of investors that she could take a less cautious tone on central rates.

Numbers of individuals who filed for jobless benefits dropped by 1,000 last week to a five-week low of 261,000, the Labor Department said. Analysts were expecting unemployment claims to increase in 3000 to 265,000 last week.

A separate report showed that US requests for long-lasting manufactured goods rebounded more than expected in July, recovering from the fall of the month earlier.

The optimistic data reinforced expectations of faster economic growth and raised the likelihood of an interest rate increase by the Federal Reserve this year.

In Delhi bullion market, Standard gold (99.5 purity) dropped by Rs 295 to end at Rs 31,150 per 10 grams from Wednesday’s closing level of Rs 31,445.

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