Prices of Gold Going Down?

Gold futures on the COMEX Division of the New York Mercantile Exchange ended slightly lower on Thursday as disappointing jobless data sent dollar higher, reducing gold’s appeal of hedge. Silver and platinum both edged higher.

Gold price for December delivery fell 3.10 U.S. dollars, or 0.3 percent, to finish at 941.70 dollars an ounce.

The number of first-time claims for unemployment benefits rose unexpectedly for the second straight week, indicating renewed worries on economy recovery.

The Labor Department said the new jobless claims rose to a seasonally adjusted 576,000 last week, compared with economists’ expectations of a drop to 550,000.

The unexpected data sparked dollar to go up slightly as investors usually turn to the greenback as a safe-haven alternative.

On energy markets, crude oil in New York declined after a three- day rally. Earlier in the session, oil for October delivery dropped as much as 1.28 dollars to 72.55 a barrel. This was considered to provide some pressure on the yellow metal.

December silver finished at 13.913 dollars per ounce, up 0.4 cent. October platinum rose 60 cents to 1242 dollars an ounce. (PNA/Xinhua)

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