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Data released earlier showed consumer confidence rose from a nine-week low as Americans grew more upbeat about the economy, while a separate report revealed jobless claims were close to their lowest level in almost seven years.
Thursday’s reports bolstered the dollar and helped underscore investor expectations for the U.S. economic recovery to remain on track, though the data was somewhat surprising in the aftermath of Wednesday’s comments from Federal Reserve Chairwoman Janet Yellen.
In a speech delivered to the Economic Club of New York on Wednesday, Yellen said monetary policy will need to remain accommodative for some time, citing slackness in the labor market and low inflation.
Gold’s losses on Thursday were tempered amid the latest developments over the turmoil in Ukraine. Foreign ministers from the U.S., Russia, the European Union and Ukraine held crisis talks in Geneva on Thursday in an attempt to diffuse the crisis.
On Wednesday, three pro-Russian separatists were killed in clashes with Ukrainian forces in the east of the country. Any escalation in tensions between Russia and the West over Ukraine could offer some upside for bullion, according to analysts.
Gold has climbed 7.6% this year, with much of that rise due to increased haven demand linked to Ukraine.
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Market News Archive
This week's edition of the Vault features our recent interview with legendary investor Jim Rogers. Jim joins Brian to discuss his views on financial markets, the Fed, increasing chances for a U.S. recession in the near-term, and what he sees ahead for gold ...watch more
Gold Standard with Brian Baker
Mike Getlin, CEO of Merit Gold joins Brian to discuss this week's gold market, why the metal is languishing amid several bullish drivers, and long-term fundamentals versus short-term fundamentals.watch more
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