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Gold drop to month low ahead of NFP, Banking shares fall as European commission issues

Gold prices drop to 1-month low ahead of NFP

Gold prices were once again down in Thursday’s session, as markets reacted to the news that Jobless claims had fallen by more than expected.

Figures released by the Labor Department showed that initial jobless claims increased by 28,000, to 222,000 for the week that ended November 27th. 

Markets had forecasted that applications for state unemployment benefits would have dropped by 240,000, following a decrease of 194,000 the week prior.

That drop, which was the lowest reading since 1969, helped to convince the Federal Reserve to taper its economic stimulus package sooner rather than later.

XAUUSD fell to an intraday low $1,761, which is its lowest level since November 3rd. 

Banking shares fall, after European commission issues $390 million fine

On Thursday, it was announced that the European Commission had fined as many as five investment banks, for their role in a Forex trading scandal.

It was reported that Barclays, UBS, Credit Suisse, RBS and HSBC were fined a combined total of $390 million, for their role in the scandal.

These bank’s were found to have participated in the illegal sharing of information, and plans, for the trading of G-10 currencies.

In a statement relating to the fine, the commission said that, “Our cartel decisions to fine UBS, Barclays, RBS, HSBC and Credit Suisse send a clear message that the Commission remains committed to ensure a sound and competitive financial sector that is essential for investment and growth”.

Barclays share price was the most impacted, and was down 1.28% as of writing.


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