Bullion for immediate delivery slipped as much as 0.9 percent to $ 1,853.93 an ounce and was at $ 1,862.15 at 10:37 am Singapore time. Futures for December delivery in New York rose 0.4 percent to $ 1,864.50 an ounce, an increase of 0.8 per cent decrease.
Obama called on Congress to pass a plan that would inject about $ 447 billion into the economy through spending on infrastructure, subsidies to local governments to stem uguna teacher layoffs, and cut nearly half of the payroll taxes paid to workers and small business owners.
'The plan reflects the government's deep concern about the economy, and raises the real possibility of a new round of quantitative easing, which it will support the gold, "said Duan Shihua, head of corporate services from Haitong Futures Co. and top-rated gold analyst in the polls this year annual opinion by the Securities and Futures Daily Times. 'Koerksi this will only give a good buying opportunity.
"Spot gold, which reached a record $ 1,921.15 an ounce on the 6th September, down 1.1 percent this week. Rebounding from two days, decreased 4.4 percent, yesterday after Federal Reserve chairman, Ben S. Bernanke did not give a signal of new measures to spur growth thus increasing the demand for gold as a store of value.
Applications for unemployment benefits rose last week, a sign that the labor market is struggling to gain traction. Claims for unemployment benefits rose 2,000 to 414,000 in the week ended Sept. 3. This adds signs the U.S. economy is faltering. Target the median forecast of economists surveyed by Bloomberg News forecast down to 405,000.
Gold bull market is still in a state for the benefit of year-11, which is the longest winning streak since at least 1920 in London, as investors seek to diversify its investments away from equities and multiple currencies, and as a hedge against inflation.
The inflation rate in China rose 6.2 percent from a year earlier, the National Statistics Bureau said in Beijing today. That compared with 6.2 percent forecast in a Bloomberg News survey of 31 economists, and increase 6.5 percent in July, which is the highest level in three years.
China's gold investment demand rose 44 percent in the second quarter from a year ago to 53 metric tons in the form of coins and bars, according to the World Gold Council. Which is the second largest after India. Jewelry demand in the country rose 16 percent to 102.9 tonnes, data from the Council shows.
