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Gold has lost some of the previously-earned positions, thus approaching to around $ 1200, which is associated with a marked increase in the US dollar against other major currencies against the backdrop of labor market data. The Labor Department said initial applications for unemployment benefits fell by 9,000 and totaled a seasonally adjusted 282,000 in the week ended March 21, on Thursday. Economists expected 295,000 initial claims. The level of the previous week remained unchanged at 291 000. The moving average for the four weeks of initial claims, which smooths weekly volatility, fell by 7,750 to 297,000 last week. The report also showed that the number of people continuing to receive unemployment benefits fell by 6,000 to 2.42 million in the week ended March 14. Continuing claims are presented with one week delay. The Labor Department said that there were no special factors affecting the data.
Support prices continue to have news that Saudi Arabia launched a military operation in Yemen. Experts note that the demand for safe assets has risen sharply after Saudi Arabia and coalition allies in the Persian Gulf began air strikes on Yemen in confronting Iran supporting Houthi rebels who besieged southern city of Aden.
"The threat of the outbreak of war between Sunnis and Shiites in the Middle East at the moment has become quite real, and the whole situation resembles a powder keg that can be seen in the value of gold," - said a senior commodity broker RJO Futures Bob Haberkorn.
Meanwhile, it became known that the stocks of the world's largest fund ETF SPDR Gold Trust fell on Wednesday by 0.2 percent, to 743.21 tons, indicating caution among investors.
Physical demand also slowed in marked growth. In China, the second largest consumer of gold, the premium fell to about $ 2- $ 3 per ounce compared to $ 6- $ 7 last week. Also, the data showed that China's gold imports from Hong Kong fell in February compared with the previous month.
May futures for gold on the COMEX today rose by $ 6.8 - up to 1204.30 dollars per ounce.
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