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Gold Eases Ahead Of US Jobless Claims Data

Gold prices eased on Thursday and the dollar slumped amid expectations that a report due out later in the day, that will be among the first data points to reflect the impact of the coronavirus outbreak, will show a surge in U.S. jobless claims.

Spot gold slipped 0.1 percent to $1,614.85 per ounce, after having fallen 1 percent earlier in the session. U.S. gold futures were down 0.3 percent at $1,628.95.

The widely-watched initial jobless claims data is expected to give a clearer picture on the state of the world's largest economy, which is reeling from the coronavirus outbreak.

According to Reuters, the number of filings for last week raced to as high as a record 4 million, a number higher than during the 2009 financial crisis or the 1982 recession.

Economists say the U.S. economy is already in recession and the labor market indicator would offer proof of that.

Meanwhile, the U.S. Senate on Wednesday unanimously backed a $2 trillion stimulus bill aimed at helping unemployed workers and industries hurt by the virus outbreak. The bill also bails out businesses, hospitals and local governments.

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