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Gold prices fell slightly, helped by U.S. data, which showed that the number of initial claims fell to its lowest level in more than five years.
Note that, according to the report from the U.S. Department of Labor, seasonally adjusted for the week ending May 4, the number of initial claims for unemployment benefits dropped to the level of 323,000, compared with the upwardly revised figure for the previous week on the level of 327 thousand
Note that according to the average forecasts of experts, the value of this index would grow to the level of 333 thousand, compared to 324 thousand, which was originally reported in the previous week. In addition, it was reported that on a seasonally adjusted basis the average claims for the past four weeks fell by 6,250 to 336,750 in the week ending May 4, which was the lowest level since November 2007. Economists say that the present value is a positive sign for the labor market because fewer layoffs generally coincides with an increase in employment. However, some economists say the uncertainty surrounding U.S. fiscal policy and the global economy constrains hiring, despite the fact that employers do not want to cut staff.
Note that gold is beginning the session with a slight decline, as physical demand started to slow down in some parts of Asia, while the outflow of capital from exchange-traded funds showed no signs of abating. Analysts point out that physical demand is still strong, although perhaps not as much as it has in recent weeks, and we do not see much return on the market, which, of course, is supporting prices to some extent. Moreover, they add that, given the outflow of funds from the reserves, which is the resistance, prices are likely to consolidate between $ 1,450 and $ 1,480 in the short term. Given the growth in stocks around the world in recent years, reducing the risk in Europe, and the growth in the labor market in the United States, people prefer to invest their money in the stock markets, reducing their exposure to commodities.
Note that the gold reserves in the SPDR Gold Trust fell yesterday by 0.60% to 1,051.47 tons, the lowest level since March 2009.
The cost of the June gold futures on COMEX today dropped to 1464.60 dollars an ounce.
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