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1st LD Writethru: Gold falls on stronger dollar, job data

Xinhua, May 8, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange extended losses into a second day on Thursday, prompted by positive job data and a bounce in the U.S. dollar.

The most active gold contract for June delivery fell 8.1 U.S. dollars, or 0.68 percent, to settle at 1,182.20 dollars per ounce.

The official data released on Thursday showed that U.S. jobless claims hovered near 15-year low, putting pressure on the precious metal.

Initial claims for state unemployment benefits rose 3,000 to a seasonally adjusted 265,000 for the week ended May 2, the Labor Department said on Thursday. That was well below market expectation of 280,000.

Investors are waiting for the release of the U.S. Department of Labor's nonfarm payrolls due on Friday to get a more clear look of the market direction, mainly swayed by the U.S. Federal Reserve's decision on a rate hike, which could happen possibly as early as June. Traders are looking for signs of an improving economy to point to the possible timing of the U.S. central bank's decision.

The U.S. dollar index rose by 0.51 percent to 94.64 as of 18:00 GMT on Thursday, putting additional pressure on the precious metal.

Silver for July delivery fell 20.9 cents, or 1.27 percent, to close at 16.297 dollars per ounce. Platinum for July delivery dropped 11.4 dollars, or 1.00 percent, to close at 1,131.40 dollars per ounce. Endite