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Precious Metals Sink After US Jobless Claims Report

April 30, 2015 at 16:04 by Vladimir Vyun

Gold sank today together with other precious metals after US jobless claims fell more than expected. The US Department of Labor reported that the seasonally adjusted number of claims for unemployment benefits fell to 262,000 last week from 296,000 the week before. Analysts predicted just a small drop to 290,000.

Yesterday, metals were also under pressure even though the dollar was soft because of the data that showed US economic growth has almost halted. Later during the Wednesday’s trading session the Federal Reserve released its monetary policy statement that was perceived by market participants to be rather optimistic. At the same time, the Fed removed any mentions of possible timing for the planned interest rate hike.

Today, the US currency remains subdued yet this did not help the precious metal market at all. For whatever reason, metals fell and fell hard.

June futures for delivery of gold sank as much as 2.5 percent to $1,179.80 per troy ounce as of 15:58 GMT on COMEX today. July contract for silver demonstrated a huge drop by 4.47 percent to $15.96 per ounce. Spot price for platinum lost 1.63 percent to trade at $1,135.38 per ounce, and palladium declined 1.25 percent to $773 per ounce.

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