from bloomberg.com
Gold futures rose, capping the longest rally since October, on demand
for a haven as a widening U.S. current-account gap and a surprise
increase in jobless claims signaled that the economy is struggling to
improve.
The current-account deficit widened in the first quarter to the
biggest in three years, and claims for jobless-insurance benefits
unexpectedly rose by 6,000. Gold climbed to a one-week high, partly on
speculation that the Federal Reserve will take more steps to buoy the
economy.
“The expectations of the Fed doing something grew after the
current-account data and the jobless data point toward some slowdown,”
Adam Klopfenstein, a market strategist at Archer Financial Services Inc.
in Chicago, said in a telephone interview. “People are looking to
position themselves in gold as the uncertainties around are growing.
Keep on reading @ bloomberg.com
