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The price of gold is reduced by a stronger dollar after data on the U.S. labor market.
Number of new applications for unemployment benefits fell slightly last week, indicating that the improvement in the labor market.
The Labour Department said the seasonally adjusted number of initial claims for unemployment benefits fell for the week ending June 21, 2000 - to the level of 312 000. Economists forecast the value of this index level of 314 thousand
Meanwhile, the figure for the previous week was revised upward for 2000 - to a level of 314,000.
Another report showed that U.S. consumers have moderated their consumption by the end of May, despite higher revenue growth. This was stated in the report of the Ministry of Commerce.
According to data seasonally adjusted volume of personal spending rose in May by 0.2% (on a monthly basis). Last upgrade was entirely due to higher prices and followed zero change in April. Adjusted for inflation, spending decreased.
Meanwhile, the amount of personal income rose in May by 0.4%. Add that earnings growth for the past five months in a row, but Americans use a greater share for savings. Economists had expected personal spending will grow by 0.4%, while personal income - 0.5%.
The price index for personal consumption expenditures, which is the preferred sensor inflation for the Fed, rose 0.2% in May from April. In annual terms, index grew by 1.8%. Basic index rose by 0.2% on a monthly basis and by 1.5% per annum.
The cost of the August gold futures on the COMEX today dropped to $ 1306.8 per ounce.
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