Gold Futures Gain as U.S. Jobless Rate Remains Above Fed Target
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Gold futures rose for the second straight day as a government report showed U.S. unemployment remains above a target set by the Federal Reserve, signaling the central bank will continue stimulus measures.
The jobless rate dropped to 7.7 percent, the lowest since December 2008, from 7.9 percent, Labor Department figures showed today. Fed Chairman Ben S. Bernanke had said that he wants to drive down unemployment to 6.5 percent. Gold rallied 7 percent in 2012, the 12th straight annual gain, on mounting concern that inflation would accelerate as the Fed kept interest rates near zero and began a third round of asset purchases.