Markets > Futures

Gold down on strong U.S. economic data

Xinhua News,CHICAGO
2020-10-30 04:11

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CHICAGO, Oct. 29 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday on positive economic data.

The most active gold contract for December delivery fell 11.2 U.S. dollars, or 0.6 percent, to close at 1,868 dollars per ounce.

U.S. Department of Commerce reported on Thursday that the U.S. gross domestic product (GDP) increased by record 33.1 percent in the third quarter.

The weekly jobless claims report put the initial jobless claims at 751,000 in the week ending Oct. 24, a decrease of 40,000 and the fourth decline in the past five months.

A stronger dollar also dampened gold.

Investors are also digesting a statement from the European Central Bank (ECB) on Thursday, saying it would consider amending its stimulus plans in December. Market analysts believe it will likely impact gold's price in the medium-term.

World Gold Council released a statement on Thursday indicating that overall global demand for gold fell 19 percent to 892 metric tons in the third quarter, the lowest quarterly total since 2009. But global gold investment, including coins, bars and inflows into gold-backed exchange-traded funds, totaled 494.6 metric tons in the quarter, up 21 percent from a year ago.

Silver for December delivery rose 0.1 cents, or 0.004 percent, to close at 23.36 dollars per ounce. Platinum for January delivery fell 25.5 dollars, or 2.91 percent, to close at 849.5 dollars per ounce.
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