Investing.com - Gold futures trimmed gains during U.S. morning hours on Thursday, coming off the highest level of the session following data showing that U.S. initial jobless claims fell to their lowest level since February 2008 last week.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,767.85 a troy ounce during U.S. morning trade, adding 0.15%.
Prices rose by as much as 0.65% earlier in the session to hit a daily high of USD1,776.55 a troy ounce. Gold futures touched a two-week low of USD1,758.85 a troy ounce on Wednesday.
Gold prices were likely to find short-term support at USD1,755.35 a troy ounce, the low from September 27 and resistance at USD1,781.55, the high from October 9.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell by 30,000 to a seasonally adjusted 339,000, compared to expectations for an increase of 1,000 to 370,000.
It was the lowest reading since February 2008, reinforcing the view that the U.S. labor market is improving, following last week’s stronger-than-expected non-farm payrolls report.
The Federal Reserve announced last month that it will buy USD40 billion of mortgage-backed securities each month until the U.S. labor market improves.
Meanwhile, market players continued to focus on the handling of Spain’s sovereign debt crisis, amid fresh hopes the debt-strapped nation will soon request a full-scale bailout.
Standard & Poor’s cut Spain’s credit rating by two notches to BBB-minus late Wednesday, and maintained a negative outlook on the debt-troubled country, citing mounting economic and political risks.
The downgrade boosted optimism that the euro zone’s fourth largest economy will be forced into requesting a formal bailout.
A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt, which would result in reduced borrowing costs for the debt-strapped nation.
But Spain has been reluctant to do so because it may come with conditions on its budget.
Elsewhere on the Comex, silver for December delivery rose 0.25% to trade at USD34.19 a troy ounce, while copper for December delivery advanced 0.95% to trade at USD3.754 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,767.85 a troy ounce during U.S. morning trade, adding 0.15%.
Prices rose by as much as 0.65% earlier in the session to hit a daily high of USD1,776.55 a troy ounce. Gold futures touched a two-week low of USD1,758.85 a troy ounce on Wednesday.
Gold prices were likely to find short-term support at USD1,755.35 a troy ounce, the low from September 27 and resistance at USD1,781.55, the high from October 9.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell by 30,000 to a seasonally adjusted 339,000, compared to expectations for an increase of 1,000 to 370,000.
It was the lowest reading since February 2008, reinforcing the view that the U.S. labor market is improving, following last week’s stronger-than-expected non-farm payrolls report.
The Federal Reserve announced last month that it will buy USD40 billion of mortgage-backed securities each month until the U.S. labor market improves.
Meanwhile, market players continued to focus on the handling of Spain’s sovereign debt crisis, amid fresh hopes the debt-strapped nation will soon request a full-scale bailout.
Standard & Poor’s cut Spain’s credit rating by two notches to BBB-minus late Wednesday, and maintained a negative outlook on the debt-troubled country, citing mounting economic and political risks.
The downgrade boosted optimism that the euro zone’s fourth largest economy will be forced into requesting a formal bailout.
A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt, which would result in reduced borrowing costs for the debt-strapped nation.
But Spain has been reluctant to do so because it may come with conditions on its budget.
Elsewhere on the Comex, silver for December delivery rose 0.25% to trade at USD34.19 a troy ounce, while copper for December delivery advanced 0.95% to trade at USD3.754 a pound.