Gold recovering from a low level but is moving to a second weekly loss record

Gold recovering from a low level but is moving to a second weekly loss record

Gold prices European market rose on Friday within the patch from the lowest level of operations in the three and a half months after lower than expected new jobs in the United States of data trimmed expectations of raising US interest rates in September next September, but prices tend to second weekly loss in a row recording after metal lost its appeal as a hedge when the financial strikes.

Gold trading by at 09:05 GMT, around $ 1168.50 per ounce from the opening level of $ 1165.60, and recorded the highest level of $ 1170.06, and a low of $ 1164.64.

Yellow metal prices lost 0.2 percent yesterday ratio in the fourth daily loss in a row and recorded a minimum level of $ 1156.88 per ounce since 18 March last.

Data released yesterday in the United States showed a decline in the number who were employed non-agricultural sector during June to 223 thousand from 254 thousand in May, while 231 thousand Analysts had expected, while the unemployment rate fell to 5.3% from 5.5% the lowest level in seven years, and other data Average wages declined during June and rising jobless claims to the highest level in four weeks and explained.

These data increased the opinions of experts that the world’s largest economy has not recovered as required during the second quarter of this year after a recession during the first quarter until the Federal Reserve to raise interest rates for the first time since 2006, during the September meeting.

For the week, the metal has fallen so far by 0.6 percent heading to the second weekly loss in a row record, particularly as the metal lost its appeal as a hedge when the financial strikes, which is confirmed by falling prices during this period, despite the growing Greek exit from the euro zone fears and exposure time economy European to many strikes.

Gold holdings at SPDR Gold Trust Fund the largest global indicators backed funds fell yesterday 1.79 metric tons boil total holdings 709.65 metric tons, the lowest level since June 25 June elapsed.

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