Gold Rises to $1,249.13 After Falling 1% in Previous Session

Gold prices increased Wednesday ahead of numerous new US economic reports, including the October durable goods report and weekly jobless claims. Analysts, however, don’t expect much activity on markets today with the Thanksgiving holiday approaching, Reuters reported.

However, if today’s data comes in positive, the US Federal Reserve may decide to begin tapering its stimulus program next month, Societe Generale analyst Robin Bhar told Reuters.

Spot gold was up $6.25 to $1,249.13 an ounce. Gold lost nearly 1 percent in the previous session.

The Wall Street Journal reported a new territorial dispute between Japan and China encourages investors to stock up on gold today, boosting prices. US gold futures for February delivery increased $3.20 to $1,244.70 an ounce.