Gold Gains in New York After Jobless Claims Unexpectedly Rise

Gold gained for the first time in three days after an unexpected rise in U.S. jobless claims spurred demand for the metal as a haven asset.

Claims for unemployment benefits rose by 2,000 to 414,000 in the week ended Sept. 3, the Labor Department said. Economists surveyed by Bloomberg News projected a drop in claims to 405,000, according to the median forecast. Before today, the metal was up 28 percent this year as waning prospects for global growth boosted investor demand.

“Things aren’t looking very positive, and the market continues to remain skittish,” Adam Klopfenstein, a senior market strategist at MF Global in Chicago, said in a telephone interview. “We need some results to show that jobs will be created.”

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- Posted: 2011-09-08 11:28:51

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