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25.07.2013 15:21

Gold moderate growth

Gold prices recovered after falling earlier in the session against the backdrop of mixed U.S. statistics.

As shown by recent data that have been published by the Ministry of Commerce, at the end of last month, orders for durable goods increased substantially, which primarily was due to higher demand for airplanes. However, it is worth noting that with the exception of transport, the number of orders remained unchanged. According to the report, the seasonally adjusted total orders for durable goods rose in June by 4.2% - to $ 244,500 bn add that the last increase was slightly less than the revised growth in May - at the level of 5.2% (originally reported +3.6%), but significantly more than the average forecast of experts - at the level of 1.1%. The data showed that the June increase in orders was due to the 31.4% increase in orders for civilian aircraft, and increasing by 18.7% of the orders for defense and details. Excluding transportation orders for durable goods in June remained at $ 157.420 billion The report also showed that the growth in business investment has slowed.

Another Labor Department report showed that by the end of last week, the number of Americans who first applied for unemployment benefits rose slightly, a sign that the labor market recovery is faltering. According to the report, the seasonally adjusted number of initial claims for unemployment insurance for the week ending July 20 rose by 7,000 to 343,000. In addition, it was reported that the value of this index for the previous week was revised to the level of 336 thousand to 334 thousand, which was originally reported. According to the average forecasts of experts, the number of appeals would grow to 339 thousand worth noting that in recent weeks, the numbers were very volatile, partly due to seasonal factors. This includes the typical summer shutdown auto plants and the closure of schools for the holidays, which can affect performance. However, adding that the average number of calls in the last four weeks fell by 1,250 to 345,250 last week. In general, employers fired fewer workers, and in some cases even increased staff. According to reports, the economy added a little more than 200,000 jobs each month for the last nine months, although the unemployment rate remains high - at 7.6%.

The cost of the August gold futures on COMEX today dropped to $ 1308.40, and then rose to $ 1328.50 per ounce.

Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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