Gold metals are predicted to book its first weekly decline in four weeks, as traders take in the latest US macroeconomic data.
The yellow metal rose 0.22% higher; trading at $1,243.10 per ounce at the time of wiring, while silver climbed 0.32%, trading at $20.120 an ounce at the same time.
The dollar index, which measures the strength of the US dollar against six major currencies, edged 0.04% higher to 80.940 points at the time of writing.
Assets in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, came in at 789.56 tones lower on Thursday
The World Bank raised its global growth forecast on Tuesday, increasing its forecast to 3.2% this year, 3.4% by 2015 and 3.5% the year after.
Gold – US Data
The figures for the initial jobless claims in the US in the week ending January 11, dropped by 2,000 to 326,000, compared to 328,000 revised in the previous week. Analysts forecasted the figures to remain unchanged.
The US Consumer Price Index (CPI) for December; excluding energy and food prices, remained unchanged from the previous month’s figures, standing at 1.7% year on year. While the core inflation remained flat at 0.1% month-on-month.
The US inflation remains below the Fed’s target of 2%.
In December, the Federal Reserve (Fed) decided to reduce its monthly bond purchases to $75 billion from $85 billion. Market participants are focusing on the next Fed meeting scheduled for January 28-29 for more hints.
The Chairman of Goldman Sachs, Harvey Schwartz announced the company is aiming to stay in the commodity trading business.
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