Investing.com – Gold futures rose sharply on Thursday, extending gains after downbeat comments from European Central Bank President boosted the safe haven appeal of the precious metal ahead of eagerly-awaited speeches from Federal Reserve Chairman Ben Bernanke and President Barack Obama.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,854.05 a troy ounce during U.S. morning trade, rallying 2.15%.
It earlier rose as much as 2.5% to trade at a daily high of USD1,865.85 a troy ounce.
Speaking at the ECB’s post-policy meeting press conference, Trichet said the euro zone economy was facing “particularly high uncertainty and intensified downside risks,” after the bank left its benchmark interest rate unchanged at 1.5%.
The ECB revised down its outlook for economic growth for 2011 and 2012 and warned of "tightened" financing conditions in the single currency bloc.
Italian and Spanish government bond yields came under pressure following the comments, while Greek yields surged to a euro-lifetime high.
Meanwhile, gold traders will be paying close attention to a speech from Fed Chief Bernanke later in the day for any hints regarding further easing measures.
Also Thursday, President Obama was to address a joint session of Congress later Thursday, where he was expected to announce a USD300 billion stimulus package to bolster the U.S. economy and spur job growth.
Gold futures found further support after official data showed that the number of people who filed for unemployment assistance in the U.S. last week rose unexpectedly.
The Labor Department said the number of individuals filing for initial jobless benefits in the week ending September 2 rose by 2,000 to a seasonally adjusted 414,000, confounding expectations for a decline to 405,000.
The previous week’s figure was revised up to 412,000 from 409,000.
Elsewhere on the Comex, silver for December delivery jumped 1.78% to trade at USD42.36 a troy ounce, while copper for December delivery shed 0.5% to trade USD4.117 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,854.05 a troy ounce during U.S. morning trade, rallying 2.15%.
It earlier rose as much as 2.5% to trade at a daily high of USD1,865.85 a troy ounce.
Speaking at the ECB’s post-policy meeting press conference, Trichet said the euro zone economy was facing “particularly high uncertainty and intensified downside risks,” after the bank left its benchmark interest rate unchanged at 1.5%.
The ECB revised down its outlook for economic growth for 2011 and 2012 and warned of "tightened" financing conditions in the single currency bloc.
Italian and Spanish government bond yields came under pressure following the comments, while Greek yields surged to a euro-lifetime high.
Meanwhile, gold traders will be paying close attention to a speech from Fed Chief Bernanke later in the day for any hints regarding further easing measures.
Also Thursday, President Obama was to address a joint session of Congress later Thursday, where he was expected to announce a USD300 billion stimulus package to bolster the U.S. economy and spur job growth.
Gold futures found further support after official data showed that the number of people who filed for unemployment assistance in the U.S. last week rose unexpectedly.
The Labor Department said the number of individuals filing for initial jobless benefits in the week ending September 2 rose by 2,000 to a seasonally adjusted 414,000, confounding expectations for a decline to 405,000.
The previous week’s figure was revised up to 412,000 from 409,000.
Elsewhere on the Comex, silver for December delivery jumped 1.78% to trade at USD42.36 a troy ounce, while copper for December delivery shed 0.5% to trade USD4.117 a pound.