News Column

Gold Still Stuck Near USD1,310 Ahead Of US Jobless Claims

August 14, 2014

WASHINGTON (Alliance News) - Gold prices are barely budging for a fourth straight session Thursday, as traders digest some weak economic data from the eurozone and await US jobless claims data.

Meanwhile, eurozone recovery unexpectedly stagnated in the second quarter with Germany and Italy shrinking from the prior quarter. This is likely to prompt the central bank to step up stimulus actions.

Meanwhile, a report from the US Commerce Department released Thursday showed US retail sales were unexpectedly flat in July, lending to expectations that Fed interest rates will remain at historically low levels for an extended period.

Traders continue to watch the situation in Ukraine. A convoy of 280 Russian trucks is on its way to eastern Ukraine with humanitarian aid.

Gold futures for December delivery are down USD3.10 or 0.24% at USD1,311.40 an ounce.

Silver for September is up marginally at USD19.848 an ounce. Meanwhile, copper is flat at USD3.112 per pound.

The US Labor Department will release its jobless claims report for the week ended August 9, at 8:30 am ET. Economists expect claims to have risen to 295,000 from 289,000 in the previous week. Around the same time, the Labor Department will also release its report on export and import prices for July.

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Source: Alliance News

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