Gold surges on upbeat jobs and manufacturing reports

08:46, April 02, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended much higher on Thursday as dollar fell against other major currencies. Silver and platinum both surged.

The most active gold contract for June delivery rose 11.6 U.S. dollars, or 1 percent, to finish at 1,126.1 dollars.

The U.S. Labor Department said on Thursday that U.S Jobless Claims decreased by 6,000 to 439,000 last week; A four-week average of claims fell to its lowest level in 18 months.

Meanwhile, the report of Institute for Supply Management's (ISM) released on Thursday signaled that U.S. Manufacturing activity is growing faster than expected. The optimistic job and manufacturing data boosted investors confidence for a prolonged expansion of U.S. economy, reducing the appeal of the dollar as an investment. Gold climbed as a hedge against weakening dollar.

The World Gold Council announced on Thursday that it will cooperate with Industrial and Commercial Bank of China (ICBC) to promote China's gold market. Due to the fact that China is one of the world's largest gold producers as well as the second-largest consumer of gold after India, this upbeat news also helped lift the price of gold.

May silver was up 36.4 cents to 17.89 dollars per ounce. July platinum surged 28.7 dollars to 1,675.6 dollars an ounce.



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