Gold Snaps Back As Fed Quells Rate Hike Chatter

Washington (Oct 9)   Gold prices are up sharply Thursday morning, lifted by a falling greenback with the minutes of the US Federal Reserve's September monetary policy meeting easing fears about a rate hike anytime soon.

Traders are now looking ahead to the weekly US jobless claims data for the week ended  October 4th  , due at  8.30 am ET  . Economists expect claims to have risen to 293,000 from 287,000 in the previous week.

Gold futures for December delivery are up  USD25.00  or 2.10% at  USD1,231.00  an ounce, a two-week high.

On Wednesday, gold futures ended down  USD6.40  or 0.5%, as traders awaited the minutes of the Federal Reserve September monetary policy meeting. The dollar's slight upmove too weighed on the precious metal.

Silver for December is up  USD0.601  or 3.52% at  USD17.665  an ounce. Meanwhile, copper is up  USD0.041  or 1.36% at  USD3.044  .

At  10 am ET  , the  US Commerce Department  will release it wholesale inventories report for August.

Markets are also looking ahead to  European Central Bank  President  Mario Draghi's  speech. The ECB President is participating in a panel discussion with Federal Reserve Vice Chair  Stanley Fischer  in  Washington  at  11 am ET  .

Federal Reserve Governor  Daniel Tarullo  will speak on regulatory reform to the Bretton Woods Committee in  Washington  at  1:10 pm ET  .

 Richmond Federal Reserve Bank  President  Jeffrey Lacker  is scheduled to speak on the growth prospects and labor markets in  Asheville, North Carolina  at  1:15 pm ET  .

At  3.40 pm ET  ,  San Francisco Federal Reserve Bank  President  John Williams  is speaking in  Las Vegas 

Source: RTTnews