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Falling Eurozone Employment Boosts Gold, Weakens Silver

March 14, 2013 at 18:17 by Vladimir Vyun

Gold rallied today, while silver declined, as falling employment in Europe made traders prefer safer assets. The number of employed people in the eurozone fell 0.3 percent last quarter from the previous three month. This suggested that the European economy is far from recovery and will continue to struggle.

Earlier, gold futures dipped as US unemployment contracted. The number of claims for unemployment benefits fell from 342,000 to 332,000 last week. Analysts have anticipated a small increase.

April futures for delivery of gold advanced $2.60 (0.16 percent) to $1,590.80 per troy ounce as of 18:04 GMT on COMEX today. May contract for silver declined $0.16 (0.55 percent) to $28.80 per ounce.

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