Bullion metals rise amid thin trading

Prices rise on a pickup in physical demand from Asia

Gold and silver futures rose in thin, post-Christmas trade on Thursday, 26 December 2013 gaining ground on a pickup in physical demand from Asia, while first-time claims for unemployment benefits saw a larger-than-expected drop.

February gold futures rose $9, or 0.7%, to close at $1,212.30 an ounce on the New York Mercantile Exchange.

March silver futures jumped 44 cents, or 2.3%, to settle at $19.92 an ounce.

U.S. markets were closed on Wednesday for the Christmas holiday and most European markets remained closed Thursday.

Today's economic data was limited to weekly initial claims, which dropped to 338,000 from an upwardly revised rate of 380,000 (from 379,000) while the consensus expected a decline to 350,000. Seasonal adjustment issues have been a recurring theme in claims data for the past few months, and the trend continued in today's report.

Powered by Capital Market - Live News