August 15, 2009
Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher on Thursday as dollar dropped more on discouraging retail sales and jobless data, fueling the yellow metal's hedge appeal. Silver and platinum both finished higher, too.
Gold price for December delivery rose 4 U.S. dollars, or 0.4 percent, to finish at 956.50 dollars an ounce.
The Commerce Department reported on Thursday that retail sales fell 0.1 percent last month versus economists' expectations of a gain of 0.7 percent.
Meanwhile, the Labor Department said initial claims for jobless benefits increased 4,000 to a seasonally adjusted 558,000 for the week ending on Aug. 8, although Analysts expected the number to drop to 545,000.
By the end of gold floor trading time, the dollar index, which measures the U.S. dollar against a basket of six major currencies, stood at 78.358, down from Wednesday's 78.798.
Analysts indicated that the Federal Reserve's decision on Wednesday that it would keep interest rates low for an "extended period" continued weighing on the greenback.
September silver finished at 14.987 dollars per ounce, up 40.2 cents. October platinum rose 28.30 dollars to 1,272.70 dollars an ounce.