Investing.com - Gold prices edged barely higher in Asia on
Friday in thin holiday trade.
The Good Friday session sees markets in Japan, mainland China,
Hong Kong and South Korea open. Many trading centers globally
however will be shut on the day.
On the Comex division of the New York Mercantile Exchange, gold
futures for June delivery traded at $1,294.90 a troy ounce, up
0.01%, after hitting an overnight session low of $1,293.20 and off
a high of $1,304.30.
fell after weekly U.S. jobless claims numbers and a regional
factory report beat expectations, while talk of waning physical
demand in Asia softened the precious metal as well.
Solid U.S. economic indicators released earlier bolstered the
dollar and marred gold's historical appeal as a hedge to a weaker
The Federal Reserve Bank of Philadelphia reported that its
manufacturing index rose to 16.6 in April, the highest level since
September, from 9.0 in March. Analysts had expected the index to
tick up to 10.
Separately, the Labor Department reported that the number of
individuals filing for initial jobless benefits in the week ending
April 12 rose by 2,000 to 304,000, better than analysts' forecasts
for a rise to 315,000.
On Wednesday, Federal Reserve Chair Janet Yellen said that
monetary policy will need to remain accommodative for some time,
citing slackness in the labor market and low inflation, which
weakened the dollar, though Thursday's data gave the greenback some
support and chipped away at gold's gains.
Elsewhere, talk of soft physical demand in China coupled with
reports of funds selling gold positions softened prices as
Silver for May delivery was up 0.19% at US$19.645 a troy ounce,
while copper futures for May delivery were down 0.01% at US$3.049 a
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