Gold headed for year-end above $1,200 but worst performance in three decades
Gold inched slightly higher on Thursday, trading at $1,215 per ounce – the highest it’s been since plunging past the $1,200 mark last week.
But Thursday’s gains don’t make up for the fact that the precious metal is about to complete its worst year in three decades: Gold is down nearly 30% for the year, ending a 12-year rally that saw the gold price at $1,900 per ounce when US and global markets were at their worst.
US jobless data came out on Thursday, showing that the number of people filing for benefits declined by more than expected. Jobless data usually influences the gold price since it’s seen as a good indication of the health of the US economy.
Meanwhile, China – the world’s number one gold consumer – has forecasted 2013 economic growth of 7.6%, 0.1% higher than its target, the Wall Street Journal reports. Next year’s target is the same as this year’s, the lowest in over a decade.
Featured image by Ausin Kirk