Thursday, May 1, 2014

Positive U.S. Economic Data, more World Gold Cheap Price

Gold futures on the COMEX division of the New York Mercantile Exchange on Thursday ( 05/01/2014 ) local time (Friday morning GMT ) fell again for the fourth day in a row , along with positive U.S. economic data .

The most active gold contract for June , dropped 12.5 dollars, or 0.96 percent , to close at 1283.4 U.S. dollars per ounce .
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The decline in the price of gold for the fourth day because of positive economic data has reduced the demand for investments in assets " safe haven " of gold .

Among the positive data which causing gold falls , the U.S. Commerce Department reported Thursday that consumer spending rose 0.9 percent , the biggest gain since late 2009 . Same report also says that U.S. personal income rose 0.5 percent .

The decline in gold was helped by a report that showed manufacturing in the U.S. increased , the index of the Institute for Supply Management ( ISM ) showed that the index rose to 54.9 percent last month , the highest level since December .

Meanwhile , the U.S. Federal Reserve cut its strategy of buying bonds of 10 billion U.S. dollars to 45 billion U.S. dollars started in May

Gold also fell as the U.S. Commerce Department stated that spending on U.S. construction projects rose 0.2 percent in March to an annual rate of seasonally adjusted 942.5 billion U.S. dollars in private housing projects .

The report said that spending rose 0.8 percent for residential development , and rose 0.2 percent for non- residential projects . In the field of public projects , spending dropped 6.6 percent for residential construction and 0.5 percent for non- residential construction .

Despite the positive news mostly upbeat , gold's decline is interrupted by the U.S. Labor Department report released Thursday , said that jobless claims rose 14,000 to 344,000 the highest level nine weeks . Analysts do not expect the jobless claims increased .

Analysts cautiously awaiting the much-anticipated jobs report to be released on Friday . On the technical side , analysts also said that they are still seeing good demand for gold from the Chinese market .

While Silver for July delivery fell 13.1 cents, or 0.68 percent , to close at 19.043 dollars per ounce . Platinum for July delivery dropped 0.4 dollars, or 0.03 percent , to end at 1427.5 dollars per ounce .


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