COMMODITIES: Gold Jumps; Closes at Highest Level in Two Weeks as U.S. Economic Data Disappoint
Gold futures rallied today, boosted by a declining greenback, which made the commodity more affordable for holders of international currencies.
Causing the greenback to decline was weaker-than-expected U.S. economic data, which increased the likelihood that the Federal Reserve will leave its monetary stimulus as is.
Data released today showed that the U.S. economy expanded by 2.4% in Q1, vs. the consensus forecast by economists that it would remain unchanged at 2.5%.
Unemployment benefit claims, meanwhile, increased 10,000 to a seasonally adjusted 354,000.
Gold finished up 1.5% at $1,412 per ounce, its highest close in two weeks.
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