{"id":25814,"date":"2012-04-27T03:46:00","date_gmt":"2012-04-27T03:46:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-rise-sharply-2\/25762\/"},"modified":"2012-04-27T03:46:00","modified_gmt":"2012-04-27T03:46:00","slug":"gold-prices-rise-sharply-2","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-rise-sharply-2\/25814\/","title":{"rendered":"Gold Prices Rise Sharply"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> rose sharply on Thursday, gaining more than 1% as weak employment numbers and Fed\u2019s assurance on further possible quantitative easing pushed up the metal\u2019s price even as weak dollar helped <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> to extend gains.<\/p>\n<p><span id=\"more-25814\"><\/span><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a>\u00a0edged up 0.8 percent to close at $1,657.06 an ounce on Thursday, while\u00a0U.S. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a><strong>\u00a0<\/strong>for June delivery settled up $18.20, ending the day at $1,660.50.<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>Although bullion is considered to be a safe haven asset, it has tracked riskier assets most of the year. Thus, the yellow metal continued to gain for the third successive day as U.S. equities climbed on upbeat corporate earnings reports.<\/p>\n<p>On Thursday a data provided by the U.S. Labor Department showed that weekly jobless claims were unchanged from the last week, signaling the fragility in the U.S. economy thereby undermining the dollar.<\/p>\n<p>Besides the weak data, the pressure on dollar continues to mount due to ultra low <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a>. On Wednesday, the Federal Reserve maintained its earlier stance on <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a> which is keeping the benchmark rate at nearly at record zero levels until 2014.<\/p>\n<p>The dollar continued to trade lower against most traded currencies on Thursday, with the dollar index\u00a0 a gauge on U.S. unit\u2019s performance against basket of six currencies, slipped to 78.946 from 79.072 in late North American trading on Wednesday<\/p>\n<p>Notwithstanding weak dollar, analysts are bullish on <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> due to fed\u2019s accommodative approach. After FOMC ended on Wednesday, the fed said that although they (the fed) felt everything is in order for now, the door is open for another round of quantitative easing, should the U.S. economy weaken in the future.<\/p>\n<p>Earlier in February, gold crossed $1,790 an ounce level, as growing expectations over Fed\u2019s monetary easing measures or bond buying program, boosted the dollar. However, the metal tumbled $150 an ounce since February as central bank\u2019s less dovish stance on monetary easing weighed on gold.<\/p>\n<p>According to James Steel, an analyst at HSBC Securities, \u201cAlthough the Fed did not announce another round of easing, intentions to keep monetary policy at highly accommodative levels are a bullish case for <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a>.\u201d<\/p>\n<p>Matt Zeman, head trader and strategist with Kingsview Financial in Chicago believes that third round of quantitative easing (QE3) is still a strong possibility. He also feels that if gold closes above $1,671 an ounce level or so for at least two successive sessions in the short term, the market could see a push to the $1,800-an-ounce level.<\/p>\n<p>Any monetary easing tends to lift the gold prices as increased money supply raises the inflationary fears.<\/p>\n<p>However, gold could feel the pressure due to a lack of consumer buying, particularly in India, where a rise in domestic prices discouraged local jewelers and other consumers from purchasing.<\/p>\n<p>Buying orders from Indian gold traders stayed subdued in most of April as prices hovered near their highest level in two months due to firm overseas markets and a weaker rupee.<\/p>\n<p>Akshaya Tritiya- a Hindu gold buying festival saw metal\u2019s sales dip by a half to 10 tons this year as buying sentiment was hurt by high consumer price inflation and weakness in the rupee.<\/p>\n<p>&nbsp;<\/p>\n<p>Moving on to some other precious metal markets, most metals gained on Thursday as weaker dollar supported the broader metals <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> complex.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.88% higher at $161.03.<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver<\/a> for May delivery\u00a0gained 85 cents, or 2.8%, to end at $31.21 an ounce.<\/p>\n<p>May <a href=\"https:\/\/thestockmarketwatch.com\/metal\/copper-price.aspx\">copper<\/a> futures rose 7 cents, or 1.8%, to settle at $3.77 a pound, the highest close since April 5. Platinum for July delivery\u00a0edged up $22.90, or 1.5%, to settle at $1,570.20 an ounce. Palladium for June delivery\u00a0added $17.55, or 2.7%, to close at $672.65 an ounce.<\/p>\n<p>&nbsp;<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-rise-sharply-as-u-s-economy-slows\/25941\"><br \/>\nGold Prices Rise Sharply as U.S. Economy Slows<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-higher-nasdaq-posts-best-weekly-gain-in-nearly-three-months\/25911\"><br \/>\nStocks End Higher; Nasdaq Posts Best Weekly Gain in Nearly Three Months<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-extend-gains-in-mid-day-trading-21\/25906\"><br \/>\nStocks Extend Gains in Mid-Day Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-climb-above-1660-as-u-s-q1-gdp-falls-short-of-expectations-silver-prices-also-edge-higher\/25904\"><br \/>\nGold Prices Climb Above $1,660 as U.S. Q1 GDP Falls Short of Expectations; Silver Prices Also Edge Higher<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/amazon-reports-q1-results-amzn\/25902\"><br \/>\nAmazon Reports Q1 Results (AMZN)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-hold-on-to-modest-gains\/25870\"><br \/>\nStocks Hold on to Modest Gains<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-flat-in-early-trading-3\/25851\"><br \/>\nStocks Flat in Early Trading<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices rose sharply on Thursday, gaining more than 1% as weak employment numbers and Fed\u2019s assurance on further possible 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