Analysts had expected an increase in jobless claims but the number of Americans filing for unemployment benefits fell to its lowest level since January 2008. This is the second straight week of falling claims. The unemployment rate held steady at 7.8 percent. Although is appears many companies are not laying off workers as anticipated, they are adding new jobs at a slow rate. Some economists caution while interpreting these numbers, there is usually a lot of volatility this time of the year.
The Gold price fell overnight without breaking a key technical level. For five days the Gold price has been just below $1,695 and ounce, an important level for Gold. Additional pressure came against Gold as the U.S. House voted to suspend the nations borrowing limit until May 19 in effect pushing the debt ceiling threat down the road.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,674.70, Down $14.00.
- Silver, $31.86, Down $0.62.
- Platinum, $1,683.70, Up $8.10.
- Palladium, $723.90, Down $3.30.
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