(Kitko News) Gold prices are higher and hit a fresh 12-month high in early U.S. action Thursday, supported by a slumping U.S. dollar against the major currencies. Bullish charts continue to invite technically based buying in both the gold and silver markets. December Comex gold was last up $7.30 an ounce at $1,346.40. December Comex silver prices were last up $0.06 at $17.97 an ounce.
A sharp rise in weekly U.S. jobless claims gave further upside momentum to the precious metals market bulls. The weekly report falls squarely into the camp of the U.S. monetary policy doves, who do not want to see a Fed rate hike any time soon.
A major economic data point of the week is Thursday’s European Central Bank monetary policy meeting, including a press conference from ECB President Mario Draghi after the meeting. The just-concluded ECB meeting did not produce any changes in interest rates or monetary policy. No changes were expected by the marketplace. However, traders and investors are wondering when the ECB will announce a scaling back of its years-long bond-buying program, called quantitative easing.