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1st LD Writethru: Gold down on upbeat U.S. data

Xinhua, February 6, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as a better- than-expected jobs report encouraged investors to go for equities.

The most active gold contract for April delivery fell 1.8 U.S. dollars, or 0.14 percent, to settle at 1,262.70 dollars per ounce.

U.S. equities rose on Thursday putting pressure on gold as the weekly jobless claims data from the U.S. Department of Labor showed jobless claims at 278,000 during the Jan. 31 week, which was much better than expected. Analysts noted that this news encouraged the inventors to go for equities rather than gold.

However gold's fall was dampened by an announcement from the European Central Bank, which told investors it would not accept Greek bonds in exchange for cash loans. Analysts say this has triggered a move to gold as a safe haven.

Investors are waiting for the monthly U.S. Department of Labor' s jobs report due out on Friday, which analysts believe will give investors more information about the direction of the U.S. economy.

Silver for March delivery increased 19.9 cents, or 1.14 percent, to close at 17.196 dollars per ounce. Platinum for April delivery gained 10.8 dollars, or 0.87 percent, to close at 1,249.70 dollars per ounce. Endite