Investing.com - Gold prices rebounded in Asia early Friday on
On the Comex division of the New York Mercantile Exchange, gold
futures for December delivery traded at $1,278.60 a troy ounce, up
0.25%, after hitting an overnight session low of $1,274.20 and off
a high of $1,292.90.
Many investors bet Fed Chair Janet Yellen will provide dovish
words in a Jackson Hole speech on Friday to complement the hawkish
minutes in order to convey to markets that even though rates will
rise, monetary authorities will make sure they do so gradually.
dropped after upbeat U.S. data fueled growing expectations that the
days of ultra-loose monetary policies that have supported the
precious metal for years are coming to an end.
The Federal Reserve released the minutes of its July policy
meeting on Wednesday, and the document revealed that interest rates
could come sooner rather than later if the labor market continues
The Fed is seen closing its monthly bond-buying program in
October, and should the labor market improve, rate hikes could
follow possibly earlier in 2015 than markets were originally
Loose U.S monetary policies, including several rounds of Fed
asset purchases rolled out since the 2008 financial crisis, tend to
bolster gold's appeal as a hedge to a weaker dollar.
Data released on Thursday confirmed market sentiments that the
U.S. economy is close to standing on its own two feet with a
The Federal Reserve Bank of Philadelphia said that its
manufacturing index topped a three-year high of 28.0 this month
from July's 23.9 reading. Analysts had expected the index to
decline to 19.2 in July.
Separately, market research group Markit said that its
preliminary U.S. manufacturing purchasing managers' index increased
to a four-year high of 58.0 this month from a final reading of 55.8
in July. Analysts had expected the index to ease down to 55.7 in
Data also showed that U.S. existing home sales increased 2.4% to
5.15 million units last month from 5.03 million in June. Analysts
had expected existing home sales to dip 0.4% to 5.02 million units
Also on Thursday, the U.S. Department of Labor said the number
of individuals filing for initial jobless benefits in the week
ending Aug. 16 decreased by 14,000 to 298,000 from the previous
week's revised total of 312,000.
Analysts had expected jobless claims to fall by 12,000 to
300,000 last week, and the weekly jobless claims report served as
the indicator of choice that ensured gold prices remained deep into
negative territory on Thursday.
Silver for September delivery was up 0.10% at $19.435 a troy
ounce. Copper futures for September delivery were down 0.01% at
$3.177 a pound.
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new
Investing.com Stocks & Forex App