Gold returns to retreat after U.S. jobless data

Changed the gold price direction and fell on Thursday after data showed earlier in the day that the number of people who filed for unemployment assistance in the U.S. last week fell more than expected, and at the same time, investors continue to talk European Central Bank President Mario Draghi in his press conference this in the meantime.

On Comex division of the New York Mercantile Exchange , gold futures traded delivery in June at 1287.20 dollars per ounce during the morning U.S. time , to fall by 0.13% or amounted to $ 1.70 .

Gold traded in a narrow range between 1285.70 to $ 1295.50 an ounce and dollars per ounce . The gold futures fell 1.51% , or 19.70 dollars for Makedarh close of trading on Wednesday at 1288.90 dollars per ounce , the lowest level since 2 / May

It is likely to find support at these contracts of $ 1272.00 an ounce , the lowest price on 2 / May and resistance at 1315.00 where the highest price on 7 / May gold prices.

A little while ago , and in its weekly report usual , said U.S. Department of Labor said the number of people who filed for initial jobless benefits in the week ending 3 / May fell by 26 thousand to 319 thousand people , of the total last week revised and of 345 thousand people . Analysts had expected to decrease the number of jobless claims increased by 20 thousand to 325 thousand people in the week in question.

After the release of this news, traders looked with anticipation in the market the second part of the certificate of president of the Federal Reserve Bank ( Janet Yellen ) before Congress .

The president of the Federal Reserve ( Janet Yellen ) began her testimony before Congress on Wednesday , said the economic conditions continue to justify a high degree of monetary easing , and added that despite the improved conditions in the labor market , but the employment situation is still far from sick .

Ms. Yellen also that the Fed is expected to accelerate economic growth this year despite a slowdown in growth in the first quarter , but warned that the slowdown of the housing market , which appeared recently, ” could continue for a longer time than is currently expected .”

The official data released last week showed that the U.S. economy grew at a weak of only 0.1% in the first three months of this year .

Yellen ‘s comments came during the first part of her testimony before the Joint Economic Committee of Congress on Wednesday . And will be completed softens the second part of her testimony later in the day Thursday.

Shortly before , it was announced that the board of directors of the European Central Bank voted to leave the interest rate unchanged at a record low of 0.25% , in a decision was expected on a large scale . The central bank also kept on the marginal lending rate and the deposit rate at 0.75% and zero respectively .

He warned European Central Bank President Mario Draghi that the strength of the euro more than it can lead to the bank to take measures to facilitate the additional cash to stem inflation in the euro area of decline .

Earlier, she had issued data showing that the annual inflation rate in the euro zone rose slightly to 0.7 % in the month of April / May from a record high hit low at 0.5 % in the of March. The European Central Bank has announced several times that the inflation target is one that is close to but slightly below the level of 2 % .

The result is the rise in the consumer price index fell pressure on the Bank to implement new measures for monetary policy to address the public low inflation in the region .

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