Gold Prices Slip Ahead U.S. Jobless Claims Data

Gold Prices Slip Ahead U.S. Jobless Claims Data

Prices of gold tumbled on Friday as the US dollar moved moderately higher before the release of unemployment claims data in the US, due to the end of the day.

On the Comex, gold futures for June delivery were down 0.28% at $1,271.95.

The greenback back some ground, especially against the yen after it said Japanese Finance Minister Taro Aso on Monday which financial authorities are prepared to intervening in the foreign exchange market if it moves excessive in the yen is enough to affect the country’s economy.

However, the governor of the Bank of Japan, Haruhiko Kuroda, said in early Thursday that be difficult to for the Ministry of Finance of Japan to weaken the yen to boost exports intentionally.

The US dollar index, which measures the strength of the greenback against a trade-weighted basket of six major currencies, rose 0.11% to 93.90.

The demand for gold, meanwhile, grew 21% to 1289.8 tonnes – recorded strong Q1. Incorporation into gold exchange traded funds (ETF) at 363.7 tonnes in the first quarter of calendar year 2016 (CY16) also reached a maximum of seven years.

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