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Gold futures prices fell today, going with for the biggest monthly drop in 16 years, as signs of economic optimism led to a decrease in demand for the metal as a safe-haven.
Also, the price of gold was pressured announced today the U.S. data, which showed that the number of initial claims for unemployment benefits in the week ended Feb. 23 fell much more than expected. This fact points to the favorable situation on the labor market before the large-scale reductions in government expenditures, which should start from Friday. Note that the primary applications for unemployment benefits in the U.S. fell by 22,000 to 344,000, while the consensus forecast was at 361 thousand Meanwhile, secondary applications for unemployment benefits in the U.S. last week fell 10-16 February by 91 million to 3.074 million In addition, it was reported that the number of initial claims for unemployment benefits in the U.S. for the week 10-16 February were revised up to 366 thousand from 362 thousand
No less important event, which also affected the precious metal was a report on Germany, which showed that the number of unemployed in February rose to 3.156 million people, the highest level since March 2011, against 3.138 million in January. Seasonal growth was somewhat weaker than in previous years, but not enough to cause a change in the unemployment rate, which remained without correction of 7.4%
Commenting on the situation, economists point out that gold is no longer the preferred asset, as many investors around the world are becoming aware of the fact that economic conditions are showing some signs of improvement.
In addition, data released today showed that the gold in the SPDR Gold Trust fell by 12 metric tons to 1,258.4 tons while still achieving its lowest level since August, and fixed with the seventh session decline in a row.
March futures price of gold on COMEX today dropped, and now stands at 1582.70 dollars per ounce.
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