CHICAGO, Nov. 9 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Thursday on technical rebound.

       The most active gold contract for December delivery rose 12.00 U.S. dollars, or 0.61 percent, to close at 1,969.80 dollars per ounce.

       Gold has fallen nearly 40 dollars after hitting 2,000 dollars last week as a result of escalating geopolitical tensions in the Middle East, and is a bit oversold.

       Speaking at a conference in Washington Thursday, Federal Reserve Chairman Jerome Powell kept the door wide open for another interest-rate increase should inflation stay high and economic growth remain strong.

       Richmond Federal Reserve Bank President Thomas Barkin said during a MNI Webcast on Thursday that while there's been "real progress" on inflation, it is yet unclear if the Federal Reserve will need to push its policy rate higher to finish the job.

       In prepared remarks to a group of financial professionals in Jefferson, Indiana, on Thursday, Interim St Louis Federal Reserve President Kathleen Paese said the Fed still has time to decide its next step, and it's too early to declare victory on inflation.

       "I'm optimistic that we can and will achieve price stability, but we're not quite there yet and we should not declare victory and release the monetary brake prematurely," Paese said.

       StarPicks

       Unlocking financial freedom together

       The U.S. Labor Department reported Thursday that U.S. initial claims for state unemployment benefits fell 3,000 to a seasonally adjusted 217,000 for the week ending Nov. 4 from an upwardly revised 220,000 in the prior week. Economists had forecast 218,000 claims for the latest week.

       Silver for December delivery rose 17.70 cents, or 0.78 percent, to close at 22.905 dollars per ounce. Platinum for January delivery fell 8.70 dollars, or 1 percent, to close at 862.80 dollars per ounce.