Gold extends loss as US economy improves
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Xinhua, December 23, 2011
Gold futures on the COMEX Division of the New York Mercantile Exchange further declined on Thursday, as a drop in U.S. jobless claims last week and a better-than- expected consumer sentiment helped improve economic prospect and thus dampened safe-haven demands.
The most active gold contract for February delivery dropped three U.S. dollars, or 0.2 percent, to 1,610.6 dollars per ounce.
Market analysts said that U.S. weekly jobless claims, December consumer sentiment and November leading economic indicators all came in better than expected, which take a little bit of the "safe- haven" demand out of the gold market.
The Labor Department on Thursday reported that the number of Americans filing initial claims for unemployment benefits fell 4, 000 to a seasonally adjusted 364,000 in the week ended Dec. 17, the lowest level since April 2008.
Meanwhile, a gauge of consumer sentiment reached 69.9 for December, up from 64.1 in November, according to data released from the University of Michigan and Thomson Reuters. Besides, the Conference Board said that the index of leading economic indicators grew 0.5 percent in November.
The market would continue to trade in light volume during the holiday sessions with small chance of big movement before the beginning of 2012, said Mike Daley, a senior gold analyst with PFGBest Group.
Silver for March delivery lost 20.2 U.S. cents, or 0.7 percent, to 29.047 dollars per ounce. Platinum for January delivery shed 7. 3 dollars, or 0.5 percent, to 1,424.4 dollars per ounce.
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