Gold prices finished slightly higher on a weaker dollar and some mild bargain-hunting.
Gold for August delivery on the Comex division of the New York Mercantile Exchange rose $2.60 to close at $1,094.10 per ounce – the first positive settlement in 10 trading sessions. Trade ranged from $1,088.60 to $1,104.90.
Despite US weekly unemployment claims coming in at 255,000, besting forecasts of 279,000 and the lowest level since 1973, the dollar failed to respond with the euro currently 0.7 percent stronger at $1.1007.
A reason for the modest price gains for gold could be the strength of the US dollar index, INTL FCStone’s Edward Meir noted.
“In the currency markets, the dollar is slightly weaker against major currencies,” Meir said. “However, the overall dollar index remains close to three-month highs and emerging market currencies remain on the defensive.”
In additional data, eurozone consumer confidence in June was -7, off the mark of -6. While the US CB leading index rose 0.6 percent, beating estimates of a 0.1 percent forecast.
While in US equities, Dow Jones industrial average and S&P were down 0.5 percent and 0.4 percent.
As for other precious metals, Comex silver for September delivery fell one cent to $14.630 per ounce. Trade has ranged from $14.615 to $14.960.
Platinum for October settlement declined $2.50 to $977.40, while the most actively traded palladium contract was at $615.55, down $11.20.
(Editing by Tom Jennemann)
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