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1st LD Writethru: Gold falls on positive U.S. job data

Xinhua, May 22, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly Thursday after the average number of Americans filing for unemployment benefits over the past four weeks fell to 15 years low.

The most active gold contract for June delivery fell 4.6 U.S. dollars, or 0.38 percent, to settle at 1,204.10 dollars per ounce.

Positive job data strengthened expectations for a potential increase in the interest rate by the U.S. central bank. Higher rates would be bearish for gold, as investors would favor assets that pay interest over gold.

U.S. jobless claims remained at a historical lowest level, a signal of broad health in the labor market. The Labor Department said on Thursday that the number of Americans applying for first- time unemployment benefits increased slightly during the week ended May 16 by 10,000 to 274,000. For the week, the four-week average for jobless claims decreased to 266,250, its lowest level since 2000.

Silver for July delivery added 1.9 cents, or 0.11 percent, to close at 17.132 dollars per ounce. Platinum for July delivery fell 4.6 dollars, or 0.40 percent, to close at 1,152.30 dollars per ounce. Endite