The price of gold fell after a u.s. Government report said the number of claims for unemployment benefits unexpectedly dropped, increasing the likelihood the Fed stimulus relief soon. The gold price is rising due to the U.s. Labor Department reported the number of claims for unemployment benefits dropped to 305,000 units in the week ending November 21/9, much lower than the forecast of 325,000 units of experts. In addition, the US Government also announced the adjusted economic growth in the second quarter, higher than previous estimates. This data showed that the US economy was strong enough for the Federal Reserve (Fed) cut plan conduct monetary easing soon. 24 out of 41 economists polled in the survey agreed that the Fed last week Blooberg will reduce economic stimulus in December. The gold price has been increased to 50% from late 2008 to mid-2011 due to the Fed pumped more than $ 2 trillion into the financial system to buy bonds. In the third quarter, the price of gold also recovered 8.2 percent due in part to escalating tension in the United States and Syria, plus the demand for physical gold rose after the price plunge steeply down low for 34 months in late June.
Posted on: Fri, 27 Sep 2013 04:42:06 +0000
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