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Positive U.s. Economic Data Make The Gold Price Depressed
Gold Futures on the COMEX Division of the New York Mercantile Exchange ended lower due to positive us economic data give pressure on precious metals.
As reported by Xinhua, Friday (12/6/2015), the most active gold contract for August delivery lost 6.2 u.s. dollars, or 0,52%, .40 being settled in 1180 u.s. dollars per ounce.
Gold is under pressure because of a report released Thursday by the U.S. Labor Department showed claims for unemployment is very low, with initial jobless claims rose 2,000 to become 279.000 on Sunday which ended June 6.
Analysts noted that the four-week average rose for the third time in a row but only of 3750 became 278.750.
Precious metals were put under additional pressure when retail sales reports released by the U.s. Census Department on Thursday showed retail sales increased 1.2 percent in May.
A second positive report this may have increased the anticipation for a possible rise in interest rates from the US Federal Reserve.
Analysts initially believed that interest rates could rise at the beginning of June, but because the jobs data are worse than expected in March, now predict that interest rates will rise when the jobs data was improved.
The Fed's next meeting is scheduled for June 15, when investors expect additional news about the time of rising interest rates, but analysts cautioned that The Fed interest rate hike in June is still possible.
Silver for July delivery rose 0.1 cent, or 0.01 percent, to close at 15.96 u.s. dollars per ounce. Platinum for July delivery fell 10 u.s. dollars, or 0.90 percent, to close at 1,070, 06 us dollars per ounce.
