Gold up on cautious Fed minutes

Gold futures on the COMEX division of the New York Mercantile Exchange rose Thursday as minutes of the Federal Reserve's latest policy meeting released Wednesday have eased market worries over an early hike in U.S. interest rates.

The most active gold contract for December delivery rose 19.3 U. S. dollars, or 1.6 percent, to settle at 1,225.3 dollars per ounce.

Decline in U.S. stocks also boosted gold, and even upbeat economic data released Thursday failed to rein in growth of the precious metal. U.S. Labor Department reported that the number of Americans filing new claims for unemployment benefits dropped 1, 000 to a seasonally adjusted 287,000 in the week ended Oct. 4, nearly the lowest level since before the 2007-2009 recession.

The gold prices hit a 15-month low of 1,183.46 dollars per ounce on Monday.

Some market analysts predict that gold may from here head toward 1,230 dollar to 1,240 dollars per ounce, while others remain bearish.

Gold holding of the SPDR Gold Trust, the world's top gold- backed exchange-traded fund, fell 5.38 tonnes to 762.09 tonnes on Wednesday, the lowest since December 2008.

Silver for December delivery climbed 35.4 cents, or 2.07 percent, to close at 17.418 dollars per ounce. Platinum for January delivery gained 11.4 dollars, or 0.9 percent, to close at 1,278.3 dollars per ounce.