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

CommoditiesNov 21, 2012 08:39PM ET
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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

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Frizt Lumban Toruan
Frizt Lumban Toruan Nov 23, 2012 1:48AM GMT
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I Think the gold is rising up in December...
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