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Gold down on stronger U.S. dollar

Xinhua, May 6, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange settled slightly lower on Thursday as a much stronger U.S. dollar put pressure on the precious metal.

The most active gold contract for June delivery was lower 2.10 U.S. dollars, or 0.16 percent, to settle at 1,272.00 dollars per ounce.

Gold was put under pressure as the U.S. Dollar Index rose on Thursday, according to analysts. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

However, the precious metal was prevented from falling further as weakness in the U.S. jobless claims report released on Thursday by the U.S. Department of Labor, showing that initial jobless claims increasing by 17,000 during the week of April 30 to 274,000.

As for the other precious metals on Thursday, silver for July delivery added 2.60 cents, or 0.15 percent, to close at 17.327 dollars per ounce. Platinum for July delivery advanced 8.20 dollars, or 0.78 percent, to close at 1,063.80 dollars per ounce. Enditem