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Gold consolidates
Gold prices traded in a range, disregarding the report on the number of applications for unemployment benefits in the United States.
The number of initial claims for unemployment benefits rose last week but remained at a level indicative of an improved situation on the labor market. This is according to the Labor Department, published on Thursday. According to the report, the number of initial claims for unemployment benefits in the week of November 2-8 increased by 12,000 and adjusted for seasonal variation was 290 000. Economists had expected that the number of applications was 282,000.
The world's largest reserves of the gold-traded exchange-traded fund SPDR Gold Trust on Wednesday fell by 0.25 per cent to six-year low 722.67 tons.
According to the World Gold Council, the demand for the precious metal in the third quarter was minimal for almost five years, despite the increase in demand in India on the eve of the season of religious holidays and weddings. Council for the second time in three months reduced the forecast of annual gold consumption in China.
Cost December gold futures on the COMEX today is trading in the range 1153.00 - 1167.40 dollars per ounce.
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