Gold prices are modestly higher in early U.S. trading Thursday 

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Gold prices are modestly higher in early U.S. trading Thursday. A slightly downbeat U.S. weekly jobless claims report that showed a rise in claims is helping out the precious metals bulls. Some more chart-based buying is also seen as prices have scored an upside “breakout” from a near-term trading range on the daily chart. December Comex gold was last up $2.70 an ounce at $1,272.60. December Comex silver was last up $0.033 at $17.635 an ounce.

Gold is also benefitting from likely better consumer demand coming from India in the coming weeks due to India’s festival season.

The European Central Bank left its monetary policy unchanged at Thursday’s meeting, which was what the marketplace expected. ECB President Mario Draghi will hold a press conference following the ECM meeting. The marketplace does look for the ECB to make monetary policy changes in December.

Gains in the precious metals are being limited Thursday by crude oil prices that are under a bit of profit-taking pressure from recent gains that saw prices hit a three-month high in Nymex futures Wednesday. The other key “outside market” sees the U.S. dollar index slightly weaker today.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, leading economic indicators, and existing home sales.

Source: Forbes – Gold Slightly Up, Lifted By Downbeat U.S. Jobless Claims

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