Gold futures wavered between small gains and losses

Gold futures wavered between small gains and losses Thursday, turning mildly negative as U.S. stocks opened lower but later recouping some losses.

Gold for December delivery  most recently added $2.90, or 0.2%, to $1,644.60 an ounce on the Comex division of the New York Mercantile Exchange.

Most metals traded significantly higher, however, with copper rallying 4%. December copper   rose 12 cents to $3.23 a pound.

The Bank of England surprised markets earlier Thursday, announcing another round of quantitative easing. The European Central Bank kept its main interest rate at 1.5%.

Closer to home, U.S. weekly jobless claims crept higher last week, the Labor Department said. The number of people applying for unemployment benefits rose by 6,000 to 401,000 in the week ended Oct. 1.

Silver also advanced, with the December contract   adding 58 cents, or 1.9%, to $30.97 an ounce.

Gold rallied 1.6% on Wednesday as a selloff earlier in the week enticed bargain-hunters. Other metals also settled higher on Wednesday. – Source: MarketWatch,.com

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Posted by VBN on Oct 7 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry