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1st LD Writethru: Gold falls for fifth session in row despite weak U.S. dollar

Xinhua, October 2, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange Thursday fell for a fifth straight session, even as slightly worse-than-expected data pushed the U.S. dollar, stocks lower.

The most active gold contract for December delivery lost 1.5 U.S. dollars, or 0.13 percent, to settle at 1,113.7 dollars per ounce.

Gold prices Thursday failed to hold on to gains, extending its losing streak to a fifth straight session, even as the U.S. dollar and equities retreated from a previous big rally after the Institute for Supply Management(ISM) reported that U.S. manufacturers grew in September at the slowest pace since May 2013.

Analysts said gold fell amid a weak global trend ahead of the U.S. September jobs data due out Friday, which could bolster the Federal Reserve's decision to raise interest rates after private jobs data showed an increase in hiring.

Though the number of people who applied for first-time jobless benefits increased last week, the 4-week average is well below the month-ago comparison, according to a report from the U.S. Labor Department.

Generally, increasing interest rates would send the U.S. dollar higher. Gold and the U.S. dollar typically move in opposite directions, which means a weaker U.S. dollar will increase the appeal of commodities including gold, priced in dollars. A stronger dollar can weigh on commodities.

Among other metals, silver for December delivery dropped 0.7 cents, or 0.05 percent, to 14.511 dollars per ounce. Platinum for January delivery shed 3.9 dollars, or 0.43 percent, to 905.2 dollars per ounce. Enditem