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13.09.2012 15:30

Gold Advances Before Federal Reserve’s Monetary Decision

Gold may gain after a report showed the number of Americans filing applications for unemployment benefits rose more than projected, boosting prospects that the Federal Reserve will take steps to spur growth.

Jobless claims increased 15,000 to 382,000 in the week ended Sept. 8, the biggest gain in almost two months, Labor Department figures showed. The median forecast of economists called for an increase to 370,000. Gold jumped 3.1 percent last week amid speculation that the Fed and the European Central Bank will announce measures to stimulate growth, increasing demand for the precious metal as a store of value.

Today’s unemployment numbers have sprung no surprises, so the hopes of a new round of easing remain alive.

Yesterday, the metal reached $1,749.50, the highest for a most- active contract since Feb. 29, amid expectations that the Federal Open Market Committee will announce stimulus measures today after the conclusion of its two-day meeting.

October futures price of gold on the COMEX is now 1733.2 dollars per ounce.

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