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Gold bounces on steady dollar, bargain hunting

Published: 10/12/2009 05:00

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher for the first session in five on Thursday, pushed by bargain hunting as dollar kept stable.

The most active gold contract for February delivery gained 5.30 U.S. dollars, or 0.5 percent, to finish at 1,126.20 dollars an ounce.

Analysts said profit-taking overnight led to a decline of dollar, but news that S&P lowered the credit rating of Spain helped the greenback limit losses.

By the end of gold floor trading time, the dollar index, a gauge measuring the greenback’s value against the other major currencies, kept steady around the previous closing level of 76.43, away from an intraday low of 76.235.

The yellow metal has dropped more than 100 dollars since hitting the record peak of 1,227.50 dollars. A lower price is more attractive to bargain hunters, also helping gold end higher, said analysts.

On economy front, the news is mixed. The Commerce Department said the trade deficit narrowed to 32.9 billion dollars in October, beyond economists’ expectations of increase.

Meanwhile, the Labor Department reported the number of laid-off workers applying for first jobless benefits rose to 474,000, slightly higher than analysts expected.

March silver was up 0.8 cents to 17.188 dollars per ounce. January platinum rose 15.30 dollars to 1,424.50 dollars an ounce.

VietNamNet/Xinhuanet

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