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Gold rose on speculation that the Federal Reserve may increase stimulus measures to bolster the U.S. economy after more Americans than forecast filed applications for unemployment benefits last week.
Jobless claims fell by 1,000 to 388,000 in the week ended April 21, from a revised 389,000 a week earlier, which was the highest since early January, Labor Department figures showed today. The median forecast of economists was 375,000.
Fed Chairman Ben S. Bernanke said yesterday that the central bank will do more to fuel growth if necessary.
Gold futures for June delivery rose to $1657.40 an ounce (+0.92%). Session high was at $1659.90 an ounce.
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