Gold Rises on Weaker Dollar And Higher Demand

Bullion for immediate delivery rose 0.4 percent to $1,242.85 an ounce by 11:44 a.m. in London after rising as much as 0.6 percent and falling as much as 0.3 percent. Prices are down 6.1 percent this month, set for the biggest drop since June. Gold for February delivery added 0.3 percent to $1,242 an ounce in electronic trading on the Comex in New York. Futures trading volumes were 29 percent lower than the average for the past 100 days for this time of day, according to data compiled by Bloomberg.
U.S. markets are closed for the Thanksgiving holiday and today’s transactions will be booked with tomorrow’s trades for settlement purposes.
Prices dropped to $1,225.55 on Nov. 25, the lowest since July 8. They slid 0.4 percent yesterday after data showed the number of Americans claiming jobless benefits in the week ended Nov. 23 declined to the fewest in two months and the Conference Board’s index of U.S. leading indicators rose for a fourth straight month in October. Separate reports also showed an unexpected advance in consumer sentiment, while orders for durable goods dropped.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza