Gold up despite lower US unemployment data

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday even though the number of Americans initially applying for unemployment aid last week fell, much lower than market expected.

The most active gold contract for December delivery rose 4.3 U. S. dollars, or 0.33 percent, to settle at 1,312.5 dollars per ounce.

Geopolitical strife led to the rise in gold finally on Thursday, but any gains were capped as the U.S. Department of Labor released a report showing that initial unemployment claims fell by 14,000 to a seasonally adjusted 289,000. This is not only the lowest four- week average since 2006, but was also better than analysts expectations for this report.

U.S. equities erased opening gains Thursday, further increasing gold's appeal as a safe haven.

Silver for September delivery lost 3.4 cents, or 0.17 percent, to close at 19.99 dollars per ounce. Platinum for October delivery gained 16.3 dollars, or 1.11 percent, to close at 1,481.5 dollars per ounce.