Investing.com - Gold price rose slightly in early Asia on Friday on hopes for physical demand as the end of year holiday season approaches.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,161.50 a troy ounce, up 0.05%, after hitting an overnight session low of $1,153.40 and off a high of $1,167.30.
Overnight, gold prices rose earlier on news more sought first-time joblessness assistance in the U.S. last week, which weakened the dollar, though the yellow metal gave back gains on sentiments the Federal Reserve will hike interest rates next year.
The number of individuals filing for initial jobless benefits in the week ending Nov. 8 rose by 12,000 to a seasonally adjusted 290,000 from the previous week’s total of 278,000.
Analysts had expected jobless claims to rise by 4,000, and the numbers gave investors reason to sell the greenback for profits, thus boosting gold's image as a hedge to a softer greenback.
The dollar has surged in recent weeks as investors prepare for U.S. monetary policy to grow less accommodative while Europe and Asia move in the opposite direction to kick-start their recoveries.
Gold gave back most of its gains later in the session on sentiments the Federal Reserve remains on track to raise interest rates next year, as a longer-range view of U.S. economic indicators points to recovery.
Silver futures for December delivery was flat at $15.620 a troy ounce. Copper futures for December delivery were also flat at $2.990 a pound.
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Gold prices gain slightly in Asia on physical demand hopes
Published 11/13/2014, 06:24 PM
Updated 11/13/2014, 06:25 PM
Gold prices gain slightly in Asia on physical demand hopes
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