Updated from 10:06 a.m. EDT with settlement prices
NEW YORK (
Gold for December delivery rose $16.70 to close at $1,796.50 an ounce at the Comex division of the New York Mercantile Exchange. The
"ECB no action, jobless claims up 4,000. Not exactly the catalysts for a near 1% jump, but the bulls declare $1800 gold as being in the bag," wrote Jon Nadler, a senior analyst at Kitco metals.Initial jobless claims increased 4,000 to 367,000 for the week ending Sept. 29. The number came a day ahead of the monthly unemployment number, which for months greatly has affected gold prices. With the Federal Reserve's implementation of open-ended quantitative easing, though, that unemployment number may have less luster for investors in the yellow metal.
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