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07-Oct2016

Gold futures end lower as dollar strengthens

Gold futures ended lower on Thursday as the dollar strengthened against a basket of major currencies, after US weekly jobless claims fell and ahead of key data that could put the Federal Reserve on track to raise interest rates this year. The Labor Department reported that the initial claims for state unemployment benefits unexpectedly declined by 5,000 to a seasonally adjusted 249,000 for the week to October 1. Meanwhile, market participants were focusing on Friday's US nonfarm payrolls report for further indications on the strength of the job market.

Gold futures for December delivery declined $15.60 or 1.2 percent to settle at $1,253.00 an ounce on the Comex division of the New York Mercantile Exchange. While, spot gold was down 1.2 percent to $1,251.17an ounce.


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