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1st LD Writethru: Gold down on strong U.S. dollar

Xinhua, October 23, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange went down Thursday as the U.S. dollar strengthened in the wake of better-than-expected U.S. data.

The most active gold contract for December delivery fell 1 U.S. dollars, or 0.09 percent, to settle at 1,166.10 dollars per ounce.

The precious metal was put under pressure as the U.S. Dollar Index rose on the European Central Bank (ECB) President Mario Draghi's remarks after the just-concluded ECB meeting. Draghi hinted at further economic stimulus in the form of bond buying. Both U.S. and European equities rose on the news as analysts noted that the stimulus would be good for risky assets in Europe.

Gold was put under additional pressure as a report released by the U.S. Department of Labor showed initial jobless claims at 259,000 during the Oct. 17 week. Analysts noted that this was a lower-than-expected figure and that it is slightly higher than the Oct. 10 week, which was near the 42-year low of 256,000 claims.

The precious metal was put under additional pressure as a report released by the National Association of Realtors on Thursday showed existing home sales reaching the second-fastest pace in eight years, with September's annual sales rate reaching 5.55 million. The report showed sales rose by 4.7 percent in September.

Silver for December delivery rose 12.7 cents, or 0.81 percent, to close at 15.837 dollars per ounce. Platinum for January delivery added 5.8 dollars, or 0.58 percent, to close at 1,012.90 dollars per ounce. Endit