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1st LD Writethru: Gold up on U.S. Fed showing patience

Xinhua, February 20, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. Federal Reserve minutes indicated that the central bank would wait before raising interest rates.

The most active gold contract for April delivery rose 7.40 U.S. dollars, or 0.62 percent, to settle at 1,207.60 dollars per ounce.

The price of gold increased as the market reacted to the release of the U.S. Federal Reserve minutes after the market closed on Wednesday. The Fed indicated that they would be patient on interest rate increases, a move which would boost the dollar and put pressure on gold.

However, Gold was put under pressure by a report released by the U.S. Department of Labor report released on Thursday which shows initial jobless claims falling by 21,000 over the Feb. 14 week to a lower-than-expected 283,000. Analysts say this nearly reversed a 25,000 spike in the prior week.

Silver for March delivery gained 11.6 cents, or 0.71 percent, to close at 16.381 dollars per ounce. Platinum for April delivery added 5.1 dollars, or 0.44 percent, to close at 1,172.30 dollars per ounce. Endite