Gold gains to settle above $1,315; oil touches $95

San Francisco (Aug 14)  Gold futures erased losses to close higher for a third session, after a bigger-than-expected rise in first-time claims for U.S. unemployment benefits sowed doubt over how quickly the Federal Reserve is likely to move to tighten monetary policy.

December gold futures rose $1.20 to settle at $1,315.70 an ounce after earlier dipping as low as $1,310.

In other metals, September silver gained 0.3 percent to $19.91 an ounce.

The number of people filing for first-time jobless benefits rose 21,000 to 311,000 in the week ended Aug. 9, the highest level since June, according to the Labor Department.

In energy markets, Brent oil slumped to a 13-month low and West Texas Intermediate slipped as the euro bloc’s economic recovery stalled amid signs of ample global supply.

Brent for September settlement, which expires today, fell $2.09, or 2 percent, to $102.19 a barrel on the London-based ICE Futures Europe exchange at 12:52 p.m. New York time.

WTI for September delivery dropped 2 percent, to $95.59 a barrel at 3:24 p.m. on the New York Mercantile Exchange.

Libya will reopen its largest oil export port within days, the National Oil Corp. said. U.S. crude supplies rose 1.4 million barrels last week, government data showed yesterday.

Source: ProactiveInvesrtors