Gold Drops as Declining U.S. Jobless Claims Cut Demand
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Gold futures dropped to a six-week low after a government report showed improvement in the U.S. labor market, damping demand for a haven.
Fewer Americans filed applications for unemployment insurance benefits over the past month than at any time in more than eight years. Federal Reserve officials yesterday continued to pare monthly asset purchases, while repeating that they’re likely to keep interest rates low for a “considerable time” as they look for improvement in a “range” of labor indicators.