Investing.com - Gold futures were trading near two-and-a-half week highs on Friday, as Thursday's upbeat U.S. jobless claims data continued to support.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,230.20 a troy ounce during European afternoon trade, up 0.41%.
The February contract settled 1.90% higher on Thursday to end at USD1,225.2 a troy ounce.
Gold futures were likely to find support at USD1,1204.4o a troy ounce, Thursday's low and resistance at USD1,251.40, the high from December 16.
Gold prices remained supported after the U.S. Department of Labor on Thursday said in a report earlier that the number of individuals filing for initial jobless benefits declined by 2,000 to a seasonally adjusted 339,000 last week.
Analysts had expected U.S. jobless claims to fall by 7,000 to 334,000 from the previous week’s revised total of 341,000.
Gold prices ended 2013 with a loss of nearly 29%, its first annual decline since 2000 and the worst in 32 years, as solid U.S. economic data underlined expectations the Federal Reserve will begin curbing stimulus.
The U.S. central bank will reduce its bond-buying stimulus program by USD10 billion a month starting in January.
Some market participants believe the Fed will likely taper its bond purchases by USD10 billion in each of its next seven meetings before ending the program in December 2014, amid indications of an improving U.S. economy.
Elsewhere on the Comex, silver for March delivery rose 0.34% to trade at USD20.203 a troy ounce, while copper for March delivery dropped 0.93% to trade at USD3.350 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,230.20 a troy ounce during European afternoon trade, up 0.41%.
The February contract settled 1.90% higher on Thursday to end at USD1,225.2 a troy ounce.
Gold futures were likely to find support at USD1,1204.4o a troy ounce, Thursday's low and resistance at USD1,251.40, the high from December 16.
Gold prices remained supported after the U.S. Department of Labor on Thursday said in a report earlier that the number of individuals filing for initial jobless benefits declined by 2,000 to a seasonally adjusted 339,000 last week.
Analysts had expected U.S. jobless claims to fall by 7,000 to 334,000 from the previous week’s revised total of 341,000.
Gold prices ended 2013 with a loss of nearly 29%, its first annual decline since 2000 and the worst in 32 years, as solid U.S. economic data underlined expectations the Federal Reserve will begin curbing stimulus.
The U.S. central bank will reduce its bond-buying stimulus program by USD10 billion a month starting in January.
Some market participants believe the Fed will likely taper its bond purchases by USD10 billion in each of its next seven meetings before ending the program in December 2014, amid indications of an improving U.S. economy.
Elsewhere on the Comex, silver for March delivery rose 0.34% to trade at USD20.203 a troy ounce, while copper for March delivery dropped 0.93% to trade at USD3.350 a pound.