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The price of gold is rising in price on a weaker dollar after the U.S. unjustifiably forecasts data on retail sales and the labor market.
The data presented by the Ministry of Commerce, showed the results of last month expenditure grew moderately, but was lower than experts predicted, becoming a potentially troubling sign for an economy that is struggling to overcome the effects of the recession in the first quarter.
According to the report, the seasonally adjusted volume of retail sales increased in May by 0.3% - to $ 437.650 billion Excluding car purchases, sales grew by 0.1% compared with April. Excluding auto and gasoline sales were unchanged in May. Economists had expected a 0.5% overall growth in retail sales, and base - at around 0.4%.
Meanwhile, retail sales in April was higher than previously reported. Total sales rose 0.5% in March, compared with the initial estimate at 0.1%, while sales excluding autos rose 0.4% instead of 0.0%. But despite such notable revision, the April increase was much less than in March - at the level of 1.5%. Nevertheless, total retail sales increased in May by 4.3% compared to last year.
The number of Americans who first applied for unemployment benefits rose slightly last week, but remained near the level indicating a modest improvement in the labor market.
The Labor Department said: seasonally adjusted number of initial claims for unemployment insurance for the week ending June 7, increased by 4000 - to the level of 317,000. Economists had expected the value of this ratio will decrease to 306 thousand add the figure for the previous week was revised upward for 1000 - to the level of 313,000.
Furthermore, the data showed: an indicator assessing the average number of the last four weeks, up by 4750 - to reach 315 250. But despite the increase, the ratio has remained below the lowest level since the first half of 2007, before the recession began.
The cost of the August gold futures on the COMEX today rose to $ 1274.5 per ounce.
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