Yellen said in testimony to the Senate Banking Committee today that the central bank should take care not to withdraw stimulus too early, “especially when the recovery is fragile.” Jobless claims in the week ended Nov. 9 declined 2,000 to 339,000, the Labor Department said today. The median forecast of 51 economists surveyed by Bloomberg was 330,000. “The initial claims are worse than expected, giving gold a boost,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates, said in a telephone interview from Chicago. “The dovish statements from Yellen are also very supportive.” Gold futures for delivery in December gained 1.4 percent to settle at $1,286.30 an ounce at 1:47 p.m. on the Comex in New York. The metal snapped five straight sessions of losses, the longest slump since August. Bullion for immediate delivery climbed 0.2 percent to $1,284.55 an ounce in London. Prices have tumbled 23 percent in 2013 as signs of economic recovery spurred speculation that the Fed will start to cut its monthly bond buying, strengthening the dollar. Global bullion demand fell 21 percent in the third quarter as investors continued to dump holdings of the metal through exchange-traded funds and central banks slowed purchases, the World Gold Council said. “The market is re-appraising its expectations for Fed tapering given Yellen’s clearly dovish comments,” said Nic Brown, head of commodity research at Natixis SA in London. |
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