GOLD DOWN AMID 8-YEAR LOW JOBLESS CLAIMS
Strong data out of China and the eurozone pressured Gold below the $1,300 per ounce level in early-morning trading. Physical demand for Gold in China increased after the price fell, though is still considered weak when compared to earlier this year. Natixis analyst Bernard Dahdah said, “The market is going to follow very closely any comments from the Federal Reserve about interest rates as that is likely to continue having an impact on Gold's trading pattern.”
U.S. jobless claims fell to their lowest level in eight years, according to data released by the Labor Department this morning. The figure of 284,000 is much lower than the expected 310,000. The four-week moving average fell to its lowest level since May 2007. U.S. stock futures increased, pointing toward a higher open for Wall Street. The Dow Jones Industrial Average held above 17,000, and the S&P 500 index closed in on 2,000.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
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