Gold moved higher in the initial part of the week and closed lower on Friday as news of the EU reviewing the sanctions on Russia began to surface. At $1,304.7 per troy ounce, gold was down 0.3 per cent for the week. It was trading at $1,319.3/ounce on Thursday. The number of people filing for jobless claims in the US rose more than expected last week. The US Labour Department reported that the claims rose to 3,11,000, against the expected 2,95,000.
Weak economic data from the Euro Zone also helped gold prices inch up.
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