Gold Falls as U.S. Jobs Data Damps Stimulus Speculation
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Gold futures fell after a report showed that the number of Americans filing claims for jobless benefits unexpectedly dropped last week, easing pressure on the Federal Reserve to expand monetary stimulus.
Jobless claims declined to 323,000 in the week ended May 4, the fewest since January 2008, government data showed today. Last week, the Fed affirmed that debt purchases will continue “until the outlook for the labor market has improved substantially.” Holdings in the SPDR Gold Trust, the world’s largest exchange-traded fund backed by the metal, extended a slump yesterday to a four-year low.