We have updated our privacy policy and terms & conditions. Find out more here.

Gold gains on central bank demand, U.S. economic data

CommoditiesNov 22, 2012 01:39AM GMT 1 Comment
Share with a Friend
Thanks for sharing
Emails have been sent to:
To send more emails click here
Investing.com - Gold prices rose in Asian trading on Thursday amid reports that central banks around the world have been stocking up on the precious metal.

Central banks in Brazil, Turkey, Kazakhstan and other countries added more gold to their reserves in October, according to data from the International Monetary Fund, which sent prices rising.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.44% at USD1,731.25 a troy ounce, up from a session low of USD1,728.25 and down from a high of USD1,732.35 a troy ounce.

Gold futures were likely to test support at USD1,720.25 a troy ounce, Wednesday's low, and resistance at USD1,735.55, Monday's high.

Gold also edged higher on reasonably solid albeit uneven U.S. data, which sparked some demand for risk.

Earlier in the U.S., the Conference Board reported that its Leading Economic Index rose in October, gaining 0.2% in wake of rising 0.5% in September, whose figure was revised down from 0.6%.

The index grew in line with analysts' expectations for October.

Elsewhere, the Thomson Reuters/University of Michigan final consumer sentiment index for November disappointed.

In a report, the Thomson Reuters/University of Michigan report said that consumer sentiment fell to a seasonally adjusted 82.7, up from 82.6 in October but short of analysts' calls for a 84.5 reading.

A separate report showed that the U.S. manufacturing purchasing managers' index improved to 52.4 in November from a reading of 51.00 the previous month. Analysts had expected the index to rise to 51.20 this month.

Also in the U.S. earlier, the U.S. Department of Labor reported that the number of individuals filing for initial jobless claims last week declined to a seasonally adjusted 410,000, in line with expectations.

Jobless claims for the preceding week were revised up to 451,000 from a previously reported 439,000, though analysts pointed out Superstorm Sandy has disrupted the number and flow of Americans filing for benefits.

Elsewhere on the Comex, silver for December delivery was up 1.31% and trading at USD33.360 a troy ounce, while copper for December delivery was down 0.03% and trading at USD3.505 a pound.

Gold gains on central bank demand, U.S. economic data

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Frizt Lumban Toruan
Frizt Lumban Toruan Nov 23, 2012 01:48AM GMT
I Think the gold is rising up in December...
Are you sure you want to delete this chart?

Successfully Reported

Thank you. This comment has been flagged for a moderator.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.