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Gold declines as unexpected jobless data eases worries on economy
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08:48, June 19, 2009

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Gold futures on the COMEX Division of the New York Mercantile Exchange fell slightly on June 18,2009 as a better-than-expected jobless data indicates the economy is recovering, reducing gold's appeal of safety. Silver ended lower, but platinum gained a little.

Gold price for August delivery lost 1.40 U.S. dollars, or 0.1 percent, finishing at 934.60 dollars an ounce.

Despite the rise of new claims for jobless benefits, the total number of people on the unemployment insurance rolls dropped for the first time since early January after companies made deep cuts earlier this year, reported by the Labor Department.

According to the report, initial claims rose by 3,000 to a seasonally adjusted 608,000 in the week ending June 13, above analysts' expectations. However, job losses are easing with the total unemployment insurance rolls falling by 148,000 to 6.69 million in the week ending June 6, the largest drop in more than seven years.

The jobless data convinced investors that the economy is on the way to recover, which means the appeal to purchase gold as an alternative to hedge economy uncertainty is weakened.

Another evidence to ease investors' sentiments on economy turmoil is that the Federal Reserve Bank of Philadelphia said the Philly Fed index improved to negative 2.2 in June from negative 22.6 in May, which meant manufacturing firms in the Philadelphia region saw the best business conditions since September.

July silver finished at 14.24 dollars per ounce, down 4 cents. July platinum gained 2.40 dollars to 1207.60 dollars an ounce.

Source:Xinhua



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