The price of gold fell amid rising dollar after data falling initial claims for unemployment benefits . The number of Americans who first applied for unemployment benefits dropped sharply last week , reaching a seven-year low at the same time . Latest update - a sign that the labor market is recovering from the changeable spring dynamics.

The Labor Department said that for the week ending May 10 , the number of initial claims for unemployment benefits fell to a seasonally adjusted 24,000 - to the level of 297 thousand ( the lowest level since May 2007 , before the recession began ) . Many experts predicted that the value of this index will be 321 thousand added that the number of appeals for the previous week was revised upwards to 321 thousand from 319 thousand

Economists note that the figures for the number of applications has been erratic in recent weeks , partly due to the celebration of Easter , which this year fell on April 20 (last year 31 March) . But in the longer term , the rate that equalizes the weekly volatility ( average number of four weeks ) , fell slightly last week - by 2000 to 323,250 .

The cost of the June gold futures on the COMEX today dropped to $ 1290.90 .