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07.08.2014 15:20

Gold fluctuates

Gold prices are kept in one-week high after data showed last week that the number of applications for unemployment benefits in the United States fell more than expected.

United States Department of Labor reported that the number of people who filed initial applications for unemployment benefits last week fell by 14 thousand. To 289 thousand. Analysts had expected that this figure will grow by 2 thousand. 305 thousand.

The average value over the past four weeks was 293.5 thousand., Down 4 thousand. Values ​​from the previous week's 297.5 thousand., The lowest level since February 2006.

The monthly average is seen as a more accurate indicator of trends in the labor market, since it reduces the volatility of the weekly data.

Meanwhile, in the euro area, as many expected, the ECB announced that it leaves its main refinancing rate at 0.15%.

The central bank also kept the marginal rate of 0.40% and the deposit rate left unchanged at -0.10%.

During the press conference held after the meeting of the ECB, Draghi said that the central bank will continue to monitor developments and will consider all available tools to support growth.

Gold previously received support after Russia announced a ban on imports of certain products from the United States and Europe, in retaliation for sanctions for its support of the rebels in Ukraine.

This decision was followed by the announcement of NATO that Russia has accumulated about 20,000 military on the border with Ukraine and can invade, on the pretext of humanitarian or peacekeeping mission.

Gold is often seen as a safe haven for investment in times of geopolitical instability.

The cost of the August gold futures on the COMEX today rose to $ 1307.90 per ounce.

Market Focus

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  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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