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    09.06.2016 15:20 Gold prices rose today

    09.06.2016 15:20

    Gold prices rose today

     

    Quotes of gold rose modestly today, updating the three-week high. Support for the precious metal has the prospect of saving the Fed interest rates. USA. A further increase in the prices was held back widespread strengthening of the American currency.

    The results of the latest poll The Wall Street Journal revealed that the deterioration in the labor market is likely to cause the Fed to refrain from raising rates at the June meeting. Previously, many economists expect the Central Bank to raise rates in June, but now 52% of respondents believe that the Fed will postpone the decision until July. Meanwhile, 30% of respondents believe that rates will remain unchanged until September. In addition to the slowdown of the labor market, many economists are concerned about how the UK will affect the potential output of the EU to the US economy.

    Recall, the higher interest rates in the US have a negative impact on the price of gold, since lead to a stronger dollar, which trades precious metals. This makes the purchase of gold more expensive for holders of other currencies. Today futures on interest rates Fed indicate that the probability of a rate hike of 4% in June. Meanwhile, the chances increase rate estimated at 24% in July.

    "Gold is supported, as many experts today believe that the Fed may not increase rates this summer - said Naeem Aslam, an analyst ThinkForex -. Nevertheless, markets remain cautious about Fed policy."

    A slight effect on gold also provided statistics on the US. The Labor Department reported that the number of initial applications for unemployment benefits fell last week, a sign that layoffs remain under control, despite the recent slowdown in hiring. The number of initial claims for unemployment benefits fell by 4,000 and reached a seasonally adjusted 264,000 in the week ending 4 June. Economists had expected 270,000 initial claims. Applications for the week ended May 28 were revised to an increase by 1000 to 268 000. The Labor Department said that no special factors did not affect the index last week. The moving average of four weeks, which helps to smooth out fluctuations in the data, fell by 7,500 last week to 269 500. Applications are below 300 000 for 66 consecutive weeks, the longest streak since 1973. The report also showed that repeated requests for unemployment benefits fell by 77,000 to 2.095 million in the week ended May 28th.

     

    The cost of the August gold futures on the COMEX rose to $ 1271.0 per ounce.

     

     

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