Prices had found support after last week's disappointing U.S. monthly jobs report
Bullion prices ended a choppy, two-sided trading session modestly higher on Wednesday, 07 October 2015 at Comex. Prices notched another two-week high as bulls are building upon their recent momentum. Also, a general rebound in the raw commodity sector this weekled by crude oilis benefiting the precious metals bulls.
Gold futures for December delivery rose $2.30, or 0.2%, to settle at $1,148.70 an ounce on Comex after earlier tapping highs above $1,150.
December silver meanwhile, added 11 cents, or 0.7%, to end at $16.094 an ounce, and has picked up more than 5%, so far this week.
Prices had found support after the disappointing U.S. monthly jobs report released Friday, which fueled expectations that the Federal Reserve may further delay an interest-rate hike. That has helped to push the U.S. Dollar Index lower by about 0.4% this week so far, and a weaker greenback tends to make dollar-denominated assets like gold more appealing.
A feature in the market place so far this week has been the surge in crude oil prices. Nymex crude oil hit a five-week high Wednesday and is now knocking on the door of $50.00 a barrel.
The World Gold Council reported Wednesday central banks added 47 metric tons of gold to their reserves in August, after adding 62 tons in July. Russia and China banks were the biggest buyers.
The world market place is generally quieter this week as China's markets are shuttered for the Golden Week holiday.
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