Gold barely moves as dollar weakens, stocks rally
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Xinhua, September 30, 2011
Gold futures on the COMEX Division of the New York Mercantile Exchange hardly changed on Thursday, supported by a weaker greenback, but steady upward progress seen in the stocks has attracted some investors to cash out of the precious metal.
The most active gold contract for December delivery trimmed 0.8 dollars, or 0.05 percent, to 1,617.3 dollars per ounce.
Gold experienced another volatile and choppy session, with lighter volume, as investors continued to decipher the global economic data.
The U.S. Labor Department reported Thursday that jobless claims dropped by 37,000 to 391,000 in the week ended Sept. 24, putting them at the lowest level since April 2, but labor officials suggested the big drop stemmed from 'technical' issues.
Meanwhile, investors also welcomed a vote by German lawmakers to expand the European rescue fund, and the U.S. dollar erased initial gains as safe-haven flows dimmed.
Market analysts mentioned that although gold has received some support from the weaker dollar, it also suffered from investors' renewed interest in equities.
Silver for December delivery jumped 38.8 cents, or 1.3 percent, to 30.522 dollars per ounce. Platinum for January delivery pared 5. 2 dollars, or 0.3 percent, to 1,532.9 dollars per ounce.
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