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10.04.2014 15:20

Gold: an overview of the market situation

Gold prices today rose markedly , reaching a two-week high at the same time as market participants continued to analyze published last minutes of the last meeting of the FOMC. Investors feared that the signs of recovery in the labor market , the regulator may raise interest rates in the near future . At a press conference after the meeting, the head of the previous controller Janet Yellen said the rate may be increased after 6 months after the purchase of assets will be fully collapsed - that is in the middle of 2015 , if the current rate of reduction programs remain. As shown by the protocols , the discussion , the Committee agreed that, subject to economic development within the regulator forecasts on upcoming meetings can be taken the next decision to reduce QEIII. The members of the Committee emphasized that a predetermined volume reduction program does not , it will depend on the current situation of unemployment and inflation .

Slight pressure on the gold had presented data on the U.S. labor market . As it became known , the number of Americans applying for first time unemployment benefits fell last week to the lowest level in the last seven years. This is a sign that the labor market is recovering from the winter slump. The number of initial claims for unemployment benefits , a measure of layoffs, fell by 32,000 to a seasonally adjusted and totaled 300,000 in the week ended April 5. The result showed the greatest decrease in complaints from the end of 2012 , and it has pushed the overall level of the lows that were last seen in May 2007 . Economists had forecast 314,000 new claims last week.

The four-week moving average of applications , which smooths the volatile weekly data , fell by 4,750 to 316,250 . Number of repeated applications for unemployment benefits fell for the week ended March 29, at 62 000 - to 2.776 million ( the lowest level since January 2008 ) .

Meanwhile, adding that prices in China, the world's largest consumer of gold, on Thursday at $ 2 per ounce lower than in London , compared with the ">The outflow of funds in the ETF- Gold also slackened , reflecting the dynamics of prices . Yesterday the first time since the end of March there was no registered net outflows .

The cost of the June gold futures on the COMEX today rose to $ 1320.30 per ounce.

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