Washington - Agencies:
Gold prices rose during trading today, Friday, and are heading towards recording the best weekly performance in 9 weeks, after the US Federal Reserve ruled out the possibility of starting to reduce interest rates in March.
Gold futures rose by about 0.1% to $2,073.6 per ounce.
At the same time, data on unemployment claims in America yesterday revealed that claims rose more than expected last week, to levels of 224 thousand.
The rise in gold prices coincided with a decline in the US dollar and US Treasury bond yields, as Bank President Jerome Powell backed down from the idea of cutting interest rates in the spring, despite his confidence that inflation was heading towards the target.
The price of gold in spot transactions rose about one percent yesterday, Thursday, after data from the US Department of Labor showed that applications submitted for the first time for unemployment benefits increased more than expected last week.
A separate report showed that US worker productivity grew faster than expected in the fourth quarter.
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