By Anushree Ashish Mukherjee
(Reuters) – Gold prices gained on Thursday after data showed U.S. weekly jobless claims rose last week, while market focus shifted to the U.S. non-farm payrolls data for more cues on the Federal Reserve’s policy path.
Spot gold was up 0.6% at $2,050.32 per ounce by 9:46 a.m. ET (1446 GMT), eyeing its fourth straight session of gains. U.S. gold futures steadied at $2,068.00.
The Labor Department said initial jobless claims increased to a seasonally adjusted 224,000 for the week ended Jan. 27. A separate report showed that U.S. worker productivity grew faster than expected in the fourth quarter.
Gold is still in a “bad hangover” after the Fed’s reaction but a small rally is happening because of the initial claims number, said Phillip Streible, chief market strategist at Blue Line Futures, in Chicago.
Other metals like platinum, copper, silver are all down over one percent which may prohibit gold’s chance of any sustained recovery, he added.
Investors’ focus now shifts to Friday’s U.S. nonfarm payrolls for further clarity on the interest rate path.
“Gold is expected to trade with a neutral to bearish bias, though losses could be limited ahead of the U.S. nonfarm payroll report due on Friday,” said Jigar Pandit, Head Commodity and Currency Business at BNP Paribas’ Sharekhan.
Limiting gains in bullion, dollar gained 0.2%.
Spot silver rose 0.3% to $22.96 per ounce, platinum fell 0.8% to $910.66, and palladium shed 2% to $957.46.
(Reporting by Anushree Mukherjee in Bengaluru, editing by David Ljunggren and Nick Zieminski)
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