Gold down on stronger U.S. data

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as strong U.S. jobless data boosted confidence in investors.

The most active gold contract for June delivery fell 4.10 U.S. dollars, or 0.33 percent, to settle at 1,250.30 dollars per ounce.

The precious metal was put under pressure as a report released on Thursday by the U.S. Department of Labor showed weekly jobless claims fell by 6,000 to a 247,000 level, which analysts said was the best report since 1973.

Analysts also said that this report may signal a stronger economy than the claims report initially suggests, because the size of the labor market was much smaller during that year.

Strength in the U.S. dollar also put pressure on the precious metal as the U.S. Dollar Index, a gauge of the greenback against a basket of major currencies, rose on Thursday.

Gold and the dollar typically move in opposite directions.

However, gold was prevented from falling further as the Philadelphia Federal Reserve released its Business Outlook Survey showing a move back into contraction, as its key General Business Conditions Index fell to negative 1.6.

Analysts said that while this report was much worse than expected, it was still in line with recent expectations for this area.

Silver for May delivery fell 4.50 cents, or 0.26 percent, to close at 17.09 dollars per ounce. Platinum for July delivery added 3.80 dollars, or 0.37 percent, to close at 1,031.90 dollars per ounce. Endit