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Dollar gains on US jobless data |
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Dollar gained against the euro as the US jobless figures dropped larger-than-expected, which raised concerns about the currency.
Another 467,000 people joined the queue for work last month, far more than the 365,000 predicted. The unemployment rate rose for the ninth month in a row to 9.5%, pretty much matching expectations.
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Concerns about the economy pushed investors to the safety of the dollar.
The euro was down against the dollar after the ECB kept interest rates on hold. Afterwards ECB president Jean-Claude Trichet’s comments suggested interest rates will remain at a record low for the coming months.
Meanwhile, unemployment in the eurozone rose to a 10-year high of 9.5% in May from 9.3% in the previous month as another 273,000 people lost their jobs in the period.
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| Technical Calls |
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Gold can touch $1,225 per ounce by next week |
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What Eric is saying here also lies in the shortening of the steps in the stair step gold action. At new highs, such as now, this formation is a rare set up suggesting an exponential rise.
Rev. Doug, who is no slouch when it comes to gold, anticipat |
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Gold price will double $1,150: Jim Rogers |
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The most bullish investor on gold these days seems to be the global commodities investor Jim Rogers. Rogers, based in Singapore, and a big investor in the Chinese commodities market says, gold price should double the current $1,150 per ounce level. |
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Gold price to average $1,140: Barclays Capital |
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Barclays Capital says gold prices will average $1,140 per ounce in 2010, says Barclays Capital. "We expect prices to maintain their upward momentum through to at least the first half of 2010, where we expect prices to average $1,140 in the second qu |
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Crude oil futures continued to trade down in mid London trade Friday as the US dollar strengthened against the major currencies apart from a dip in the global equities. |
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Gold futures fell in negative zone as dollar gathered some strength in mid London trades. Dollar typically strengthens when there are less data releases from US. |
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MCX Comdex was up by 2.35% to 2694.17. MCX Energy was down by 0.22% to 2651.55, MCX Metal was up by 3.70% to 3226.02 and MCX Agri was up by 4.84% to 2255.10. |
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