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24.10.2013 15:20

Gold: an overview of the market situation

Gold prices rose today , reaching in this month high , after data showed that the number of claims for unemployment benefits in the U.S. fell less than expected , reinforcing expectations about what the Fed will delay the collapse of its monetary stimulus measures .

The data from the Labor Department showed that the number of initial claims for unemployment benefits fell to a seasonally adjusted 12,000 to 350,000 in the week ended October 19. Figures for the last week exceeded economists' expectations at 341,000 new claims . However , there have been the second consecutive decline , indicating that employment in the private sector too has suffered from a 16-day shutdown of the federal government. The total number of today's report does not include the benefits of federal employees who file for unemployment benefits through a separate program .

The report also showed that the four-week moving average of claims rose by 10,750 last week to 348,250 , and the number of continuing claims for unemployment benefits last week fell to 12.6 in October 8000 to 2,874 million

We also add that the increase in the price of gold has also helped the depreciation of the dollar. Weak U.S. dollar ( U.S. currency weakened against the euro to an average of $ 1.38 for the first time in nearly two years ) - this is one of the main reasons why the price of gold could rise above $ 1,340 today dollars per troy ounce. Recall that a weak dollar leads to higher prices for dollar-denominated commodities, such as gold, because it makes them cheaper for holders of other currencies.

Note that the positive data on the manufacturing sector of China (the second largest consumer of gold in the world ) , also helped support prices for the precious metal. A preliminary report on the index of manufacturing activity in China from HSBC in October showed that the index hit a seven-month high 50.9 . In September, the index was at 50.2 .

At Goldman Sachs expect the price of gold will fall to $ 1,144 an ounce in 2014 against the background of improved economic performance in the United States , the rise of real interest rates and the beginning of the contraction of U.S. monetary stimulus .

The cost of the December gold futures on COMEX today rose to $ 1347.30 per ounce.

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