Gold gains on increased jobless claims
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E-mail Xinhua, June 15, 2012
Gold futures on the COMEX division of the New York Mercantile Exchange gained Thursday, as data released showed first-time jobless claims unexpectedly increased last week, lending support to speculation that the Fed will in some way easy monetary policy further.
The most active gold contract for August delivery gained 0.2 U. S. dollars, or 0.01 percent, to settle at 1,619.6 dollars per ounce.
The consumer price index declined by a seasonally adjusted 0.3 percent last month, marking the first decrease in two years and the biggest drop since December 2008. Gold initially fell after the report.
However, data released on the same day showed first-time jobless claims unexpectedly increased last week, lending some support to speculation that the Fed will easy monetary policy further in some way, possibly as soon as next week.
The U.S. Labor Department reported Thursday that 386,000 people filed new jobless claims in the week ended June 9, up 6,000 from the previous week's revised figure. That was 11,000 more than expected, indicating continued trouble for the labor market.
Fed policy makers start a two-day meeting on June 19 to review monetary policy, convening after weekend elections in Greece that may determine whether the nation remains in the euro zone.
Silver for July delivery edged down 53.4 cents, or 1.85 percent, to settle at 28.407 dollars per ounce.
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