Gold climbs as US labor market improves

10:41, March 26, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher on Thursday, supported by a stronger-than-expected recovery in the US labor market and Fed Chairman Bernanke's speech which hinted the US economy still needs low rates. Sliver and platinum both rose.

The most active gold contract for April delivery rose $4.1, or 0.4 percent, to finish at $1,092.9 per ounce.

The US department of labor said on Thursday the first-time claims for unemployment insurance in the country dropped 14,000 to 442,000 last week, which demonstrated gradual and steady improvement in the US labor market, and boosted investor sentiment for metals, particularly gold.

Federal Reserve Chairman Ben Bernanke emphasized on Thursday that interest rates are going to stay low and the US economy continues to require the support of accommodative monetary policies. Low interest rates usually support the demand for gold, which is seen as an inflation hedge.

May silver was up 10 cents to $16.741 per ounce. April platinum rose $18.5 to $1,606.4 an ounce.

Source: Global Times
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