As US Jobless Claims Go Down, So Does Gold

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The fewest Americans in seven years filed applications for unemployment benefits last week. Gold futures for June delivery dropped 0.7 percent to $1,296.20 an ounce at 8:48 a.m. on the Comex, heading for the biggest loss since May 7, Bloomberg News reported.

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Initial claims for state unemployment benefits declined 24,000 to a seasonally adjusted 297,000 for the week ended May 10, the Labor Department said on Thursday.

On Wednesday, May 14, Indian gold bullion jumped up 2.8 percent, landing at INR 28,628 ($481.71) per 10 grams and making it the day’s biggest increase. Japanese gold bullion finished the day up 0.5 percent to JPY 4,247 ($41.54) per gram. Chinese gold bullion closed 0.3 percent lower at CNY 259.55 ($41.67) per gram. The price of US gold bullion showed little movement yesterday at $1,295 per ounce.

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Japanese silver gained 0.8 percent to finish at JPY 637.00 ($6.23) per 10 grams. The price of Chinese silver changed direction with a 0.2 percent drop. After two days of improving prices, the metal finished at CNY 4,150 ($666.29) per kilogram. US silver prices inched up 0.2 percent to $19.53 per ounce. Indian silver finished the day down 0.1 percent to INR 43,789 ($736.82) per kilogram.

At $1,448, the price of US platinum bar finished the market day up 1.2 percent per ounce. Chinese platinum bar prices rose 1.0 percent to CNY 308.00 ($49.45) per gram. After a 0.7 percent increase, Japanese platinum bar finished the day at JPY 4,735 ($46.31) per gram.

The price of US palladium bar increased 1.2 percent to $814.00 per ounce. Chinese palladium bar saw its price rise 1.1 percent to CNY 184.00 ($29.54) per gram. The price of Japanese palladium bar remained steady at JPY 2,633 ($25.75) per gram.

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