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CHICAGO, Sept. 29 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday on a technical bounce, despite a stronger U.S. dollar and mixed data.
The most active gold contract for December delivery rose 2.3 U.S. dollars, or 0.17 percent, to settle at 1,326 dollars per ounce.
A technical bounce supported gold, despite the U.S. Dollar Index rising by 0.16 percent to 95.58 as of 1800 GMT. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.
Gold was put under pressure as the U.S. Department of Labor' s initial jobless claims report released on Thursday showed initial claims increasing by a mere 3,000 claims to a 254,000 level. Analysts note that despite the increase in claims, investors consider the report better-than-expected, driving investors away from the precious metal' s safe haven properties.
A report released by the U.S. Department of Commerce on Thursday showed the international trade in goods better-than-expected as the trade balance increased to a better-than-expected negative 58.4 billion U.S. dollar level, with exports increasing by 0.7 percent and imports increasing by 0.3 percent.
Investors believe the Fed may raise rates from 0.50 to 0.75 during the December FOMC meeting. According to the CME Group' s Fedwatch tool, the current implied probability of a hike from 0.50 to 0.75 is at 8 percent for the November 2016 meeting, and 56 percent at the December meeting.
Silver for December delivery rose 6.7 cents, or 0.35 percent, to close at 19.188 dollars per ounce. Platinum for November delivery added 8.5 dollars, or 0.83 percent, to close at 1,030.8 dollars per ounce.
