Gold futures on the COMEX Division of the New York Mercantile Exchange edged lower on Thursday, as investor's increasing optimism about global recovery and rising risk appetite reduced demand for safe-haven assets like gold. Silver and platinum both declined.
The most active gold contract for August delivery dropped 2.8 dollars, or 0.2 percent, to finish at 1,196.1 U.S. dollars.
The U.S. Labor Department said on Thursday that its initial claims for jobless benefits fell by 21,000, to 454,000 in the latest week. Economists had expected initial claims to fall to 458, 000. Gold pulled back as the better-than-expected job data eased lingering concerns over the U.S economy. A series of downbeat job reports were the main factor behind a sharp pullback in equity markets in recent weeks, as it lowered consumer confidence and slowed consumer spending.
Meanwhile, International Monetary Fund raised its world growth estimate for the year from 4.2 percent to 4.6 percent, suggesting the global economy is recovering faster than expected. And European Central Bank decided to keep a key interest rated unchanged and said it expects economic growth to continue in the second half of the year. U.S stocks rallied and euro strengthened against dollar for the third consecutive day, as investors cheered the upbeat report and gained confidence in the health of the euro zone economy.
The general optimism on markets and economic growth Thursday has kept a lid on gold price, but the surging global demand for physical gold has offered some support to gold.
September silver retreated 12.8 cents, or 0.7 percent, to settle at 17.872 dollars per ounce, October platinum dipped 10.0 dollars, or 0.7 percent, to settle at 1516.4 dollars per ounce.
The most active gold contract for August delivery dropped 2.8 dollars, or 0.2 percent, to finish at 1,196.1 U.S. dollars.
The U.S. Labor Department said on Thursday that its initial claims for jobless benefits fell by 21,000, to 454,000 in the latest week. Economists had expected initial claims to fall to 458, 000. Gold pulled back as the better-than-expected job data eased lingering concerns over the U.S economy. A series of downbeat job reports were the main factor behind a sharp pullback in equity markets in recent weeks, as it lowered consumer confidence and slowed consumer spending.
Meanwhile, International Monetary Fund raised its world growth estimate for the year from 4.2 percent to 4.6 percent, suggesting the global economy is recovering faster than expected. And European Central Bank decided to keep a key interest rated unchanged and said it expects economic growth to continue in the second half of the year. U.S stocks rallied and euro strengthened against dollar for the third consecutive day, as investors cheered the upbeat report and gained confidence in the health of the euro zone economy.
The general optimism on markets and economic growth Thursday has kept a lid on gold price, but the surging global demand for physical gold has offered some support to gold.
September silver retreated 12.8 cents, or 0.7 percent, to settle at 17.872 dollars per ounce, October platinum dipped 10.0 dollars, or 0.7 percent, to settle at 1516.4 dollars per ounce.
