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Gold prices traded in a narrow range against the background data on the U.S. labor market . The number of Americans apply for unemployment benefits rose slightly last week , but remained near seven-year low , indicating that the improvement of the labor market .
According to the Labor Department , the seasonally adjusted number of initial claims for unemployment benefits rose for the week ended April 12 , 2 thousand - to the level of 304 thousand average number of complaints over the past four weeks , meanwhile, dropped to 312,000 , reaching its lowest level since October 2007 . Economists had expected initial claims to rise to 316 thousand from 300 thousand which initially reported last week. Many experts believe that the value of this ratio below 400 000 - a sign of a stable job growth and improvement in the labor market .
This week the gold from the adjusted three-month highs , as investors continue to respond to the positive data on U.S. retail sales , which showed that the U.S. economy is gaining momentum after a winter lull . Lack of fueling the conflict in eastern Ukraine led to a partial closing of positions in safe assets after the U.S. statistics .
On the anniversary week passed the largest two-day drop in the gold price over the last 30 years: 12 and 15 April 2013. prices broke strong support at 1525 usd . / oz . Just two days metal fell from 1565 to 1336 dollars . / Oz . " Fall, similar to what happened in 2013. Unlikely. Those who wanted to leave the gold market has made it so in 2014 . We are likely waiting for consolidation in the lateral channel " - experts say.
June futures on COMEX gold traded in the range of $ 1296.60 - $ 1304.40 per ounce.
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