(MENAFN- ProactiveInvestors) Gold futures rose to a four-week high on bets that the will keep U.S. interest rates low for a considerable time to bolster the economy.
Gold futures for February delivery rose 1.4 percent to settle at $1232.80 an ounce on the Comex in New York. In electronic trading after the close the metal reached $1235.60 the highest for a most-active contract since Dec. 10.
Average hourly earnings for all U.S. employees fell 0.2 percent in December from a month earlier the most since comparable records began in 2006 government data showed Jan. 9.
In other metals trading silver futures for March deliver rose 0.9 percent to $16.564 an ounce on the Comex.
futures for April delivery gained 0.9 percent to $1241 an ounce on the New York Mercantile Exchange after touching $1246.60 the highest since Dec. 11.
Palladium futures for March delivery climbed 1.7 percent to $814.10 an ounce the biggest increase since Nov. 21.
In energy trading oil futures plunged with the U.S. benchmark trading below the $46-a-barrel threshold for the first time in nearly six years after cut its crude outlook predicting prices will remain low for a lengthy period.
West Texas Intermediate crude oil for February delivery fell 4.7 percent to close at $46.07 a barrel after trading as low as $45.90.
The close was the lowest since April 2009. The move followed a 0.9 percent loss during Friday’s regular session on the New York Mercantile Exchange. WTI futures are down more than 57 percent from a June 2014 high of $107.26 a barrel.
Brent North Sea crude oil for February lost 5.4 percent to $47.43 a barrel its lowest finish since March 2009.
’s energy analysts revised down their three-month forecast for WTI crude to $41 a barrel from a previous estimate of $70. They see WTI at $39 a barrel in six months and $65 a barrel in a year versus previous price forecasts of $75 and $80 respectively. They see Brent at $42 in three months $43 in six months and $70 in 12 months versus previous estimates of $80 $86 and $90 respectively.
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