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Gold prices rose today against the background of dollar fluctuations , but remained well below the four-month high , which was reached yesterday. Such dynamics are related to the fact that many buyers of coins and jewelry in Asian markets are waiting for further price declines .
The U.S. currency was slightly below the two-week high against a basket of major currencies, but later lost its position , which was associated with the release of weak data on orders for durable goods and the number of weekly claims for unemployment benefits .
It is learned that orders for durable goods (products designed for the life of three years or more ) fell to a seasonally adjusted 1% from December . This is the second consecutive decline after orders fell 4.2 % in December. But excluding the volatile transportation category , orders rose by 1.1 % last month , showing the strongest growth since May. Military spending on capital goods rose sharply . Orders for computers and electronics rose , but demand for machinery , primary metals and motor vehicles fell. Economists forecast that overall orders for durable goods fell 0.7% in January.
Meanwhile, the number of initial claims for unemployment benefits rose by 14,000 and amounted to a seasonally adjusted 348,000 in the week ended February 22. The figure for the previous week was revised down to 334,000 from 336,000 . Economists had predicted that jobless drop to 333,000 . Unemployment situation may be unstable . The four-week moving average of claims , considered a more reliable indicator because it smooths out weekly swings remained unchanged last week at 338,250 . Analyst Department of Labor said that there were no special factors that could affect the data last week.
Experts say there is a chance for a slight increase in gold prices in the near future , but the strengthening of the dollar and the acceleration of economic growth in the U.S. will exert downward pressure on the precious metal in the long term . We also add that the wave weaker than forecast U.S. data may curb expectations that the Federal Reserve will increase narrowing monthly bond-buying program .
Recall , gold rose more than 10 percent this year on uncertainty about the pace of U.S. economic recovery , concerns about growth in China and a renewed interest in bullion exchange-traded funds .
On the physical market, premiums for gold bars in Singapore fell to the lowest level - 80 cents from $ 1.50 last week.
Stocks of the world's largest exchange-traded fund backed by gold ETF SPDR Gold Trust remained unchanged yesterday - at the level of 803.70 tons. , After three days of growth in a row.
The cost of the April gold futures on the COMEX today rose to $ 1333.00 per ounce.
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