Gold futures rose
after U.S. jobless claims increased more than forecast, boosting demand
for the metal as a haven. Palladium climbed to a 33-month high on supply
concerns, and platinum jumped to the highest since September.
U.S. jobless claims
increased to 326,000 in the week ended May 17, government figures showed
today. The median forecast of 50 economists surveyed by Bloomberg
called for a rise to 310,000. This year, gold has gained 7.7 percent,
partly on concern that the economic recovery was fragile.
Yesterday, gold fell
as much as 0.9 percent as Federal Reserve minutes showed policy makers
said that continued stimulus to push unemployment lower doesn��t risk
sparking an undesirable jump in inflation.
Gold futures for
August delivery rose 0.5 percent to settle at $1,295.20 an ounce at 1:37
p.m. on the Comex in New York, the biggest increase for a most-active
contract since May 14.
Copy Source: Bloomberg
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