Gold prices bounced back to the green territory on the last day of the trading week after two losing sessions.
Gold futures for February delivery gained 0.16% higher, trading at $1,226.90 an ounce at the time of writing, picking up from its two loosing sessions, with a decline of $1,210.10 hit on December 5, marking its lowest prices since July 5. While Silver contracts for March 2014, dropped 0.51% lower at $19.335 an ounce at the same time.
Holding in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust; came in at 827.60 tones on Thursday.
The US dollar index, which measures the strength of the US dollar against six major currencies, came in 0.05% higher at 80.247 points.
Gold Prices – US Jobs Data
On Thursday, the US Department of Labour posted its initial jobless claims for the week ending December 7, the figures showed that the initial jobless claims rose higher than forecasted, compared to last week’s trend which showed November’s unemployment rate declined 7%, the lowest since 2008.
Meanwhile, the US Census Bureau released the retail sales data from November. The US retail sales climbed 0.7% higher in November, reports from the Department of Commerce confirmed on Thursday.
With the prices of gold is being directly connected to the developments from the US labour market, the fresh data on the US jobless figures is expected to push back tapering before the Federal Reserve’s meeting scheduled for 17-18.
Gold Prices – US Budget Deal
On Thursday, the US house approved the budget deal that would end some automatic spending cuts, drafted by the House Budget Committee Chairman Paul Ryan, Senate Budget Committee Chairman Patty Murray and Majority Leader Harry Reid.
The two-year deal counts on spending for the current fiscal year of $1.012 trillion.
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