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

Xinhua, August 28, 2015 Adjust font size:

Gold futures went down on the COMEX division of the New York Mercantile Exchange Thursday on positive U.S. economic data.

The most active gold contract for December delivery fell 2 U.S. dollars, or 0.18 percent, to settle at 1,122.60 dollars per ounce.

Gold was put under pressure as a report released by the U.S. Department of Commerce showed the U.S. gross domestic product showing a revised annualized growth rate of 3.7 percent. Analysts noted strength in consumer demand, as personal consumption expenditures reached a 3.1 percent rate. This report was better than expected.

The precious metal was put under further pressure as a report released by the U.S. Department of Labor showed unemployment claims falling by 6,000 to 271,000 last week. Analysts note that all readings in this report are low and that the U.S. labor market is doing well.

Silver for September delivery rose 37.6 cents, or 2.68 percent, to close at 14.417 dollars per ounce. Platinum for October delivery added 25.8 dollars, or 2.63 percent, to close at 1,006 dollars per ounce. Endite