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Gold down slightly on positive U.S. data

Xinhua, May 11, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Tuesday as positive U.S. data put pressure on the precious metal.

The most active gold contract for June delivery fell 1.80 U.S. dollars, or 0.14 percent, to settle at 1,264.80 dollars per ounce.

The U.S. Labor Department released its Job Openings and Labor Turnover Survey on Tuesday which showed better-than-expected data, putting pressure on the precious metal. The report showed job openings increased to 5.757 million during the month of March, and also revised February's figures upward to 5.608 million, which analysts noted boosted the job openings rate by 0.1 to 3.9 percent. All of these figures were better than expected and impacted traders' optimism on Tuesday.

The U.S. Dow Jones Industrial Average also rose sharply, by 195 points, or 1.1 percent, as of 19:00 GMT. Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains.

Traders are waiting for the release of two key pieces of economic data later this week, as weekly jobless claims are due to be released on Thursday and retail sales and the producer price index is due to be released on Friday.

Silver for July delivery rose 0.30 cents, or 0.02 percent, to close at 17.092 dollars per ounce. Platinum for July delivery added 2.50 dollars, or 0.24 percent, to close at 1,049.30 dollars per ounce. Endit