FX & CFD trading involves significant risk
Gold price traded lower on a stronger greenback, higher government bonds yields and the uncertainty around the first interest rate hike by the Fed.
Today's number of initial jobless claims also weighed on gold price. The number of initial jobless claims in the week ending May 02 in the U.S. climbed by 3,000 to 265,000 from 262,000 in the previous week, beating expectations for a rise by 18,000.
Initial jobless claims remained below 300,000 the ninth straight week. That could be interpreted as the strengthening of the labour market.
Investors are awaiting the release of the labour market data on Friday. Analysts expect that U.S. unemployment rate is expected to decline to 5.4% in April from 5.5% in March. The U.S. economy is expected to add 224,000 jobs in April, after adding 126,000 jobs in March.
June futures for gold on the COMEX today decreased to 1182.20 dollars per ounce.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.