AFP: Gold closes higher on soft dollar, disappointing data
CHICAGO, Jan. 14 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange rose for the second session on Thursday as U.S. dollar softened and disappointing economic data fueled investors' appetite for safe-haven. Silver and platinum both rallied.
The most active gold contract for February delivery climbed 6.20 U.S. dollars, or 0.5 percent, to finish at 1,143 dollars an ounce.
The U.S. dollar fluctuated around a 4-week low on the day session. By the end of gold floor trading time, the dollar index, a gauge measuring the greenback's value against six major currencies, dropped 0.13 to 76.99, which made the precious metal more attractive to hedge dollar's depreciation.
On the economy front, retail sales unexpectedly fell in December and the number of newly laid-off workers requesting unemployment benefits rose more than expected last week.
The Commerce Department said that retail sales declined 0.3 percent in December compared with November, much weaker than the 0.5 percent rise that economists had been expecting.
The Labor Department said new claims for unemployment insurance rose by 11,000 to a seasonally adjusted 444,000, despite the expectations of an increase of only 3,000.
Those discouraging data further raised gold's appeal as investors usually flock to precious metals for safe-haven in bearish situations.
March silver was up 10.5 cents to 18.655 dollars per ounce. April platinum gained 30.40 dollars to 1,604.80 dollars an ounce.