On Thursday, February 12, the price of the April gold futures on the Chicago Mercantile Exchange (CME) fell by 3.9% and at a low of 19:29 MSK reached $4900 per ounce. According to data as of 20:20 MSK, the decline slowed to 2.11%, gold is trading at $4991.4.
Silver futures for March delivery fell by 10.8% and at a low of 19:49 MSK reached $74,865 per ounce. According to data as of 20:20 MSK, the decline slowed to 8.07%, at that time the papers were traded at $77,155.
Earlier, weekly statistics on initial jobless claims in the US were released. According to the data, for the week ending February 7, the number of initial claims for unemployment benefits was 227,000. The figure decreased from the previous value of 232,000 and exceeded the consensus forecast of 222,000. Oxford Economics noted that the report does not indicate a deterioration in the labor market situation. A stronger market reduces the likelihood of an interest rate cut by the Fed.
Against this background, the American stock market also ended up in the negative. Financial Times notes that investors are selling off riskier assets in favor of 'safe havens' such as treasury bonds.
'The fall of the stock market has triggered the liquidation of positions in gold to raise cash,' said James Steel, chief precious metals analyst at HSBC.
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