Gold prices settled lower Thursday, but rebounded in electronic trading as the Federal Reserve minutes revealed concerns about global economy.
The dovish Fed minutes signal the central bank will likely keep interest rates near zero for the next few months.
Gold for December was down $4.40, or 0.4%, to settle at $1,144.30/oz on Comex, but crawled above $1150 after the the 2pm ET release from the Fed.
Most officials decided it would be “prudent” to wait for signs that problems overseas, especially in China, would dissapate.
In economic news, the Labor Department released a report on Thursday showing that initial jobless claims pulled back by more than expected in the week ended October 3rd.
The report said initial jobless claims fell to 263,000, a decrease of 13,000 from the previous week’s revised level of 276,000.
The material has been provided by InstaForex Company – www.instaforex.com