Tags: gold | stimulus | unemployment | Fed

Gold Surges to 1-Month High on Fed Stimulus, Jobless Claims

Thursday, 24 October 2013 03:40 PM

Gold prices hit one-month peaks on expectations the Federal Reserve would have to sustain its stimulus efforts owing to relatively high U.S. jobless claims.

Gold broke above $1,350 an ounce for the first time in more than a month, on rekindled buying interest prompted by ideas that the Fed will continue its monetary stimulus after Thursday's disappointing U.S. jobless claims data.

The spot price of bullion was up 1.2 percent at $1,348.21 an ounce, after scaling $1,368.01 earlier, its highest since Sept. 20.

U.S. gold futures for December settled up $16.30 an ounce at $1,350.30, with trading volume on track to finish near the 30-day average, preliminary Reuters data showed.

"Overall, gold should be supported in the short term, especially if U.S. data keeps falling short of expectations ... that should put further pressure on the dollar and reinforce the argument for the Fed to keep its stimulus," said MKS SA Senior Vice President Bernard Sin.

© 2020 Thomson/Reuters. All rights reserved.


   
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Gold prices hit one-month peaks on expectations the Federal Reserve would have to sustain its stimulus efforts owing to relatively high U.S. jobless claims.
gold,stimulus,unemployment,Fed
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2013-40-24
Thursday, 24 October 2013 03:40 PM
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