Friday, April 27, 2012

Gold Prices Jump

Today, contract price of gold recorded the highest rise in the last two weeks. At 13:48 (26/4) New York time, the price of gold contract for June delivery rose 1.1% to U.S. $ 1660.50 per troy ounce on the Comex, New York. This is the biggest jump since April 12nd. If calculated, the price of gold has surged 6% so far this year.

There are a number of factors that allegedly affect the gold price movements. First, the market speculated that the Federal Reserve will increase flushing the stimulus program to boost the U.S. economy.

Second, the U.S. Labor Department data showed an increase in jobless claims from the estimated market last week. Just you know, the number of Americans who filed initial jobless claims fell 1,000 residents to 388 000 in week ending April 21 from the previous week as many as 389 000. Meanwhile, the median 48 economists surveyed by Bloomberg predict as many as 375,000. U.S. labor market began to slow. This will encourage the Fed to conduct policy easing. This is the focus of investors today.

Not only gold, silver contract prices are also soaring. Silver futures prices for July delivery jumped 2.8% to U.S. $ 31.276 per troy ounce on the Comex in New York. This is the biggest jump since April 12nd.

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