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Gold, Silver Fall 1% on U.S. Jobs Data, Fed Stimulus Bets

Gold and silver fell 1 percent after fewer Americans than forecast filed applications for unemployment benefits last week, easing pressure on the Federal Reserve to maintain stimulus measures to bolster the economy.

Jobless claims dropped to 334,000 in the week ended June 8 from 346,000 a week earlier, according to government data. U.S. retail sales rose more than forecast in May, a separate report showed today. Gold has fallen 18 percent this year amid concern that Fed may scale back debt purchases as the economy gains.