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21.06.2012 15:45

Gold drops on weak global statistics

 

Gold fell against the publication of macroeconomic data from the U.S., China and the eurozone.

As reported today, the U.S. Labor Department the number of initial claims for unemployment benefits on the basis of the reporting week, which ended June 16 amounted to 387 thousand, a decrease from the previous reporting period, two thousand hits. Nevertheless, the "new" unemployed in the U.S. in the reference week was more than expected. Thus, analysts predicted that the number of initial applications for unemployment benefits will exceed 383 thousand

The manufacturing sector in China, according to preliminary purchasing managers index (PMI), calculated to order HSBC, declined in June, the eighth consecutive month, while the rates of export orders and prices have been minimal since the beginning of 2009.

Forecasts of consumption look gloomy and Europe, where the yield of the 5-year bonds on Thursday in Spain rose to a 15-year high.

The Fed on Wednesday announced the extension of monetary incentives and said it is ready to do more to help the flagging U.S. economy. However, contrary to the hopes of some investors, the central bank refrained from the third phase of "quantitative easing".

The June gold futures on the COMEX today fell to 1572.0 dollars per ounce.


 

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