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08.03.2013 16:20

Gold prices recovered, setting new session high

The price of gold rose sharply, recovering from the minimum values, and setting all the new session high at $ 1583. However, the pressure of buyers was not enough to continue the upward movement, which caused the reduction of prices below the levels of the opening of trading today. Note that this trend was due to the publication of important data on the U.S.. According to the report, U.S. Department of Labor, the number of people employed in non-agricultural sectors of the economy in the past month increased by 236 thousand people, compared with a revised downward from the previous month's level of 119 thousand (originally reported 157 thousand), and the average Experts forecast at around 158 thousand also present report showed that following February private companies added 246,000 jobs, while manufacturers have increased the number of jobs at 14,000. The Labour Department also reported that the unemployment rate fell to 0.2%, down to the level with 7.7%, and showed the lowest value since the end of 2008.

Economists note that these data have an increased appetite for riskier assets, and raised speculation as to whether the Fed may revise the terms of its ultrasoft monetary policy.

Also today, it was reported that gold in the SPDR Gold Trust, which is the largest gold exchange-traded fund in the world, fell on Thursday to 1.805 tonnes, while reaching a 16-month low.

April futures price of gold on the COMEX declined and now stands at 1574.80

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