CHICAGO, June 2 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar index fell.

The most active gold contract for August delivery rose 22.7 U.S. dollars, or 1.23 percent, to close at 1,871.4 dollars per ounce.

U.S. Labor Department reported Thursday that U.S. initial claims for unemployment benefits fell 11,000 to a seasonally adjusted 200,000 for the week ending May 28, lower than economists' forecast and reflecting the lowest layoffs on record and the strongest labor market in decades.

U.S. Commerce Department reported that U.S. new orders for manufactured goods rose 0.3 percent in April month on month, easing from the 1.8 percent rise registered in March and lower than economists' forecast of 0.6 percent rise.

In a speech to the Philadelphia Council for Business Economics on Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, said the Federal Reserve must show "fortitude" in its battle to get inflation back under control, and that could mean a faster pace of rate hikes in September "if inflation has failed to moderate".

Silver for July delivery rose 36 cents, or 1.64 percent, to close at 22.275 dollars per ounce. Platinum for July delivery rose 32 dollars, or 3.21 percent, to close at 1,028.4 dollars per ounce. Enditem

Related

Go to Forum >>0 Comment(s)