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Gold Firms as Dollar Falls after U.S. Data
Contrarian Profits (July 30th, 2009) Writes:
Gold rose on Thursday as the dollar fell versus a basket of currencies, with rebounding stock markets and U.S. jobless figures showing a decline in continuing claims boosting appetite for assets seen as higher risk.
U.S. data showed the number of U.S. workers filing new claims for jobless benefits rose slightly more than expected last week, but a gauge of underlying labor trends fell for a fifth straight week.
Spot gold was bid at $933.50 an ounce at 1311 GMT, against $929.00 an ounce late in New York on Wednesday. U.S. gold futures for August delivery on the COMEX division of the New York Mercantile Exchange rose $6.20 to $933.40 an ounce.
“If this is welcomed by the equities market and triggers a fresh boost, that could benefit gold,” said CMC Markets strategist Ashraf Laidi.
The dollar was down 0.39 percent at 79.3 against a basket of currencies and was lower against the euro following the
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