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1st LD Writethru: Gold up on weaker dollar, U.S. jobless claims

Xinhua, February 13, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar weakened after a Department of Labor report showed U.S. jobless claims rising.

The most active gold contract for April delivery rose 1.1 U.S. dollars, or 0.09 percent, to settle at 1,220.70 dollars per ounce.

Gold was lifted by a report from the U.S. Department of Labor showing jobless claims for the week ending Feb. 7 rising by 25,000 to a higher-than-expected 304,000. Analysts note that the four- week claim data is lower than expected, which may have offset some of the negative sentiment driving up the price of the precious metal.

Gold was supported by weaker-than-expected retail sales data released by the U.S. Department of Commerce on Thursday. Retail sales in January fell for the second month by 0.8 percent after previously falling 0.9 percent in December. Some analysts say this data is partially caused by lower gasoline prices, but others say that consumers are not yet spending enough money on non-gasoline categories.

Gold was also put under pressure as the conflict in Ukraine between government forces and rebels in the eastern part of the country calmed down. Russian President Vladimir Putin announced a ceasefire after a conference in Belarus.

The Dollar Spot Index also fell by 0.88 percent to 94.1520 on strength in the euro. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Silver for March delivery added 3.3 cents, or 0.20 percent, to close at 16.794 dollars per ounce. Platinum for April delivery gained 4.9 dollars, or 0.41 percent, to close at 1,200.50 dollars per ounce. Enditem