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Gold price at $4,122/oz after U.S. weekly jobless claims fall to 197k - Kitco

Source: Kitco

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DW NOTE

Gold has dropped 22% from its January panic high, now tracking the real move: jobless claims at 197k and the 10-year yield at 5.28%. The Hormuz closure is seven months old, Brent is off 17% from the peak, and gold holders are discovering that sustained supply shocks don't exempt you from rate gravity.

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The Indian crude basket hit $123.29 per barrel last week, approaching levels recorded in March 2012, and adding 86% to the price Indian oil marketing companies pay, local media have reported, also noting the effect of a cheaper rupee. Since Indian companies pay for the oil they buy from abroad in U.

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Gold price at $4,122/oz after U.S. weekly jobless claims fall to 197k - Kitco

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