Gold prices rose about 2% today after new data from the Labor Department indicated that the number of Americans filing new unemployment claims rose more than expected last week, strengthening bets that the US Federal Reserve will cut interest rates later this year.
Gold rose in spot transactions to $2,338.80 per ounce. US gold futures for June delivery rose to $2,339.40 per ounce.
The number of Americans who filed new applications for unemployment benefits increased last week more than expected, in light of the continuing slowdown in labor market conditions in the United States. The US Department of Labor reported Thursday that the number of applications submitted for the first time for unemployment benefits rose by 22,000 applications to a revised level in... In light of seasonal factors, the number of applications reached 231 thousand during the week ending on the fourth of May, while economists in a Reuters poll expected the number of applications to reach 215 thousand last week.
