Thursday, May 15, 2014

Jobless Claims in U.S. Reach Lowest Level in Seven Years

Gold fell the most in a week as declining U.S. jobless claims signaled a strengthening economy and cut demand for haven assets. The fewest Americans in seven years filed applications for unemployment benefits last week as the labor market continued to improve. Gold prices tumbled 28 percent in 2013, the biggest annual decline since 1981, as equities rallied and the U.S. economy accelerated.

Bullion holdings through exchange-traded products reached the lowest since 2009 this week as some investors lost faith in the metal as a store of value after the Federal Reserve cut stimulus.

Gold futures for June delivery dropped 0.7 percent to $1,296.20 an ounce, heading for the biggest loss since May 7. The metal has rebounded in 2014, climbing 8.6 percent this year through yesterday, as tensions mounted between Ukraine and Russia.

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