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30.10.2014 16:20

Gold declined

Gold prices are down for the sixth time in the last seven sessions after data showed that the US economy grew in the third quarter, more than expected.

The US Commerce Department reported that gross domestic product grew by a seasonally adjusted 3.5% in the three months ended September 30, which was higher than expected 3.1% strength recovery.

Other data showed that the number of initial claims for unemployment benefits rose by 3,000 last week to 287,000 from a revised 284,000 the previous week. Number of applications for benefits is below 300,000 for the past seven weeks, which indicates that the recovery in the labor market is gaining momentum.

Meanwhile, investors are rebuilt for the future without large-scale asset purchases by the Federal Reserve.

As expected, the results of his two-day policy meeting, the Federal Reserve on Wednesday completed the asset purchase program, known as quantitative easing.

Fed remains committed to the low level of interest rates for a "significant time" and voiced a more aggressive view of the labor market, stating that "the lack of use of the labor force is gradually decreasing."

Previous Fed statement describing the weakness in the labor market as "substantial."

Index USD, which tracks the greenback against a basket of six other major currencies, was up to 3.5-week high, as market players weakened expectations of Fed rate.

A strong dollar usually puts pressure on raw materials, reducing its appeal as an alternative asset and increasing the dollar price products for holders of other currencies.

The cost of December gold futures on the COMEX today dropped to 1195.50 dollars per ounce.

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