Gold Price Declines On European Central Bank Decision
By Dave Brown — Exclusive to Gold Investing News
The price of gold declined this week following a drop in the euro and a rate decis ion from the European Central Bank. The week also included increased yields at a debt auction, which created apprehension regarding Spain's financial solvency. Falling over the course of the week, spot market gold prices were trading in the range of $1,634.80 per troy ounce. This represents a decline of about 1.5 percent.
In the United States, about 365,000 individuals filed initial claims for jobless benefits, a considerable drop from the 392,000 claims filed last week and ahead of consensus forecasts of 375,000. Jobless claims are widely thought to be a proxy metric for the overall job market, and generally strongly correlate with the number of layoffs in the economy.
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