Gold
futures fell to a one-week low after the average number of Americans
filing for unemployment benefits in the past four weeks dropped to a
15-year low, reviving concern that interest rates will increase.
The
average dropped to 266,250 in the period ended May 16 from 271,750,
government figures showed Thursday. On Wednesday, holdings in
exchange-traded products backed by gold dropped to the lowest since
January, according to data compiled by Bloomberg.
Gold
advanced on Wednesday after minutes from the Federal Reserve’s last
meeting showed that officials in April didn’t expect to raise their
benchmark rate at the next gathering in June. Higher borrowing costs
drive investors to favor assets that pay interest, including new bonds,
curbing the appeal of the metal, which generally offers returns only
through price gains.
Gold
futures for June delivery fell 0.4 percent to settle at $1,204.10 an
ounce at 2:13 p.m. on the Comex in New York. The price touched
$1,200.80, the lowest for a most-active contract since May 13.
Silver futures for July delivery rose 0.1 percent to $17.132 an ounce.
Source: Bloomberg
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