Forex Top Story
11/19/2009 4:03 PM ET
(RTTNews) -
Gold prices were basically flat on Thursday as the dollar gave back earl gains versus the euro. The metal remained off of the record high reached yesterday
December gold finished at $1,141.90 per ounce, up 70 cents on the session. Prices hit as high as $1,146.50 after hitting a record $1,153.40 yesterday.
The dollar turned back lower against the euro after rising to the high end of a recent range. The buck also climbed to a six-day high against the pound, but hit a six-week low against the yen.
Philadelphia Federal Reserve president Charles Plosser told reporters Thursday that he was not surprised by the dollar's decline, and said that its weak state is a reversal of the run-up after last year's economic panic.
Meanwhile, Treasury Secretary Timothy Geithner said the U.S. has a long way to go to ensure a full economic recovery and guarantee that last year's financial collapse will not happen again in the future.
On the economic data front, a Labor Department report showed that jobless claims for the week came in at 505,000, unchanged from the previous week's revised figure. Economists had been expecting jobless claims to edge up to 504,000 from the 502,000 originally reported for the previous week.
A Conference Board reported the leading indicators index rose 0.3 percent in October following a 1.0 percent gain in September and a 0.4 percent increase in August. Economists had been expecting the index to increase by 0.4 percent.
The Philly Fed index rose to 16.7 in November from 11.5 in October, with a positive reading indicating growth in the sector. Economists had been expecting a much more modest increase by the index to 12.2.
The World Gold Council said demand rose 15% to 800.3 metric tons in the third quarter. This is down 34% from last year's third quarter, which was boosted by the financial crisis.
by RTT Staff Writer
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