Gold Jumps on Thursday on increased US Jobless Claims

Gold futures contract surged on Thursday as investors were uncertain about US economy on increase in US jobless claims for the last week. Moreover European Central Bank is also pessimistic about the euro zone’s future growth which made investors shift their focus towards the safe haven status of the gold.

As per latest data of US Labor Department jobless claims increased to 414,000 for the week as compared to 412,000 in prior week. In euro zone, though ECB decided to keep interest rates unchanged at 1.5 percent but also disclosed intentions to increase interest rates in the future.

Analysts from Commerzbank commented, “Besides the persistent debt problems in euro-zone countries and the threat of the U.S. economy sliding into recession, interest rates are set to remain at a very low level for an extended period, In our opinion, the price of gold should therefore remain well supported and it is only a matter of time before new record highs are reached.”

Gold futures contract for December delivery jumped 2.2 percent or $39.90 to settle at $1,875.50 per ounce on Comex trading of the New York Mercantile Exchange. The respective contract reached its intraday high of $1,868.70 per ounce.

Silver futures contract for December delivery also gained 2.2 percent or $0.90 to $42.53 per ounce. Among other metals copper futures contract for December delivery advanced 0.3 percent or $0.01 to $4.14 per pound.

Platinum future for October delivery surged 1.4 percent or $25.80 to $1,854.50 per ounce while palladium futures contract for December delivery gained 1.7 percent or $765.30 per ounce.

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