- Gold pared earlier losses after a forecast-missing US unemployment claims report emboldened traders who expect the Federal Reserve to launch a third round of quantitative easing (QE3) later this year.
- Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were last down 60 cents at $1,660 per ounce. Trade has ranged from $1,656.60 to $1,666.90.
- Initial claims for state unemployment benefits came in at a seasonally adjusted 359,000, which was worse than expectations of a 350,000 reading. Additionally, the prior week's figure was revised upwards to 364,000 from the previously reported 348,000. Mildly negative job numbers are gold-supportive because they increase the possibility of further QE by the US central bank.
- Meanwhile, the euro has fallen by about a half cent to 1.3271 against the dollar - the eurozone debt crisis is spreading to Spain, where a general strike has been called to protest against government budget cuts and reforms. The resulting stronger dollar is likely to cap gold's gains.
- US equities opened lower following the lacklustre jobs report and on continued fears about slowing growth around the globe. The Dow Jones industrial average and S&P 500 were last down 0.41 percent and 0.51 percent respectively.
- As for the other precious metals, Comex silver was up 19.4 cents at $32.025 per ounce, while platinum for July delivery on Nymex were $3.40 higher at $1,644.00 and June palladium was at $652.30, up $4.70.
| TIME | |||||
|---|---|---|---|---|---|
| Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
| Prices By NTGOLD | ||
|---|---|---|
| We Sell | We Buy | |
| 37.5g ABC Luong Bar | ||
| 5,333.50 | 4,913.50 | |
| 1oz ABC Bullion Cast Bar | ||
| 4,426.80 | 4,026.80 | |
| 100g ABC Bullion Bar | ||
| 14,205.60 | 12,905.60 | |
| 1kg ABC Bullion Silver | ||
| 1,728.40 | 1,378.40 | |
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