Friday, March 28, 2014

Gold drop to six weeks low

Gold drops recording another low at $1,286.94 per ounce, as the U.S. economy grew more rapidly in the fourth quarter than previously estimated and applications for jobless benefits unexpectedly fell in the week ended 21st of March were 15K lower than forecasts and 10K lower than ht previous week at 311K, the lowest since the 5th of December 2013.

Gold facing more pressure to proof the yellow heaven, as Fed Chair Janet Yellen said last week that interest rates could start increasing six months after the Fed ends its asset-purchasing program. Gold traded at a high of $1,298.85 per ounce on the early morning before the drop of $10 to record the low of $1,286.94.

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