CHICAGO, Aug. 17 (Xinhua) — Gold futures on the COMEX division of the New York Mercantile Exchange experienced a decline on Thursday due to a stronger U.S. dollar index and Treasury yields.
The most active gold contract for December delivery closed at $1,915.20 per ounce, falling by $13.10 or 0.68 percent.
The release of economic data on Thursday added to the downward pressure on gold. The U.S. Labor Department reported that initial claims for state unemployment benefits decreased by 11,000 to a seasonally adjusted 239,000 for the week ending August 12. Economists had predicted 240,000 claims for that week.
In another indicator of economic activity, the Philadelphia Fed manufacturing index for August showed a positive reading of 12, compared to the negative 13.5 recorded in July. A reading above zero indicates expanding activity. This positive reading comes after 11 consecutive months of contraction.
In contrast to gold, silver for September delivery saw an increase of 18 cents, or 0.80 percent, closing at $22.715 per ounce. Similarly, platinum for October delivery rose by $4.30, or 0.48 percent, closing at $895.60 per ounce.
Credit: The Star : News Feed
