Gold Prices Rise Following Dissapointing US Jobless Claims
ICM Brokers | Aug 15, 2014 05:53AM ET
Crude Oil
Crude oil prices held steady to slightly weaker in Asia with supplies seen ample to meet global demand. Overnight, disappointing U.S. jobless claims numbers coupled with a soft German economic growth report sent oil prices tumbling to near seven-month lows, The U.S. Labor Department said the number of individuals filing for initial jobless benefits in the week ending August 9 increased by 21,000 to 311,000 from the previous week’s revised total of 290,000. Crude oil traded at $95.57 a barrel, down 0.02%, after hitting an overnight session low of $95.64 a barrel and a high of $97.58 a barrel.
Gold
Gold prices in Asia dipped early on profit taking that followed a mild rally in the U.S after weak job claims figures. Gold prices rose earlier after disappointing U.S. jobless claims numbers reminded investors the Federal Reserve won't rush to tighten monetary policy. The U.S. Labor Department reported earlier that the number of individuals filing for initial jobless benefits in the week ending Aug. 9 increased by 21,000 to 311,000 from the previous week’s revised total of 290,000. The numbers softened the dollar by reminding investors the Federal Reserve won't rush to raise interest rates after it closes its monthly bond-buying program, which is seen taking place around October. Gold often firms on talk of loose monetary policy due to the precious metal's appeal as a hedge to weaker paper currencies.
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