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Gold up on weaker U.S.equities

Xinhua, June 10, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as U.S. equities weakened.

The most active gold contract for August delivery rose 10.40 U.S. dollars, or 0.82 percent, to settle at 1,272.70 dollars per ounce.

Gold was given support as the U.S. Dow Jones Industrial Average fell by 26 points, or 0.15 percent as of 19:20 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.

A report released by the U.S. Department of Labor on Thursday put pressure on the precious metal as the weekly jobless claims fell by 4,000 to a 264,000 level. Analysts note that this was better than expected both in terms of the raw result and in continuing claims, which are noted to be lower than expected.

However, the precious metal was prevented from rising further as the U.S. Dollar Index rose by 0.44 percent to 93.96, as of 19:20 GMT.

Silver for July delivery added 28.30 cents, or 1.67 percent, to close at 17.268 dollars per ounce. Platinum for July delivery fell 8.20 dollars, or 0.81 percent, to close at 1,003.80 dollars per ounce. Endit