|09-12-2014, 02:10 PM||#1|
Gold plunge to a seven-month low and crude rebounded in New York
Gold remains trading so far in New York at a low level; the lowest since January on speculation that the Federal Reserve will raise U.S. interest rates sooner than forecast, corroding therefore the precious metal safe haven appeal.
While that the black gold managed to rebound from its the lowest level in more than two years after the International Energy Agency cut demand forecasts.
If truth be told Paris-based IEA cut its projection for demand growth in 2014 by 150,000 barrels a day because of weaker performance in China and Europe, forecasting that worldwide consumption will expand by 900,000 barrels a day to average 92.6 million.
Otherwise today a report showed that the filings for unemployment insurance benefits increase more than estimated last week to a two-month high, halting a steady decrease to the lowest level since before the financial crisis.
Initial jobless claims rose 11,000 to 315,000 in the week-ended September 6, which included the Labor Day holiday and was the highest number since June 28 according to data by the Labor Department.
Accordingly the gold is so far trading around $1239.20 an ounce recording a high of $1249.95 ounce and a low of $1234.75 an ounce and crude is trading around $92.85 a barrel recording a high of $92.98 a barrel and a low of $90.42 a barrel.
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