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Gold prices are kept within yesterday's range , trading slightly higher , as some traders felt that the performance of Janet Yellen to be nominated for the post of Chairman of the Fed signals a growing demand for the precious metal.
According to Yellen , the indicators of the labor market and the economy in the U.S. is far from the building and the Fed remains to be done " a lot of work " to support the economic recovery.
Investor demand for gold also contributed to the economic data , which are mostly disappointed those who had expected a more robust economic recovery. U.S. exports fell in September , while the number of applications for unemployment benefits last week fell less sharply than expected. The growth of manufacturing activity in Europe was almost stopped in the 3rd quarter.
Final data that have been published by Statistics EU agency , showed that the annual rate of inflation among the 28 member countries of the European Union fell to its lowest level in four years in October . This situation adds to fears that the unit may be in an even more precarious position from a long period of falling prices .
The cost of the December gold futures on COMEX today rose to $ 1290.80 per ounce.
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