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Gold lending rates roar back after jobs data
By Josephine Mason
Reuters
Friday, December 5, 2014
NEW YORK -- The cost of lending gold returned to positive territory on Friday for the first time in over a month, capping a dramatic week-long recovery, as robust U.S. jobless data reinforced expectations of higher interest rates next year.
The news sent spot gold prices down more than 1 percent as investors bet the U.S. central bank would increase rates sooner than expected, and sparked a rally in the U.S. dollar, which hit its highest level against the yen since 2007.
It lifted the gold forward rates (GOFO), with one-month rates rising to 0.12 percent, to their highest since end-September and up from negative 0.01 percent a day earlier. ...
... For the remainder of the report:
http://www.reuters.com/article/2014/12/06/us-gold-forward-rates-idUSKCN0...
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