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Gold down on stronger U.S. data, dollar

Xinhua, July 8, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as the U.S. dollar strengthened and positive U.S. data was released.

The most active gold contract for August delivery fell 5 U.S. dollars, or 0.37 percent, to settle at 1,362.10 dollars per ounce.

The precious metal was put under pressure as the U.S. Department of Labor released a report on Thursday showing initial jobless claims falling by 16,000 to 254,000. Analysts note that this figure is better than expected and may raise expectations for the big U.S. jobs report due Friday.

Gold was put under additional pressure as the U.S.-based Automated Data Processing released its employment report on Friday forecasting expected June payrolls at 172,000, which analysts noted is above the consensus figure, but still on the higher end of expectations.

Additionally, the U.S. Dollar Index rose by 0.21 percent to 96.31 as of 17:25 GMT. The index is a measure of the dollar against a basket of major currencies. 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.

Silver for September delivery fell 36.50 cents, or 1.81 percent, to close at 19.838 dollars per ounce. Platinum for October delivery added 3.80 dollars, or 0.35 percent, to close at 1,095.10 dollars per ounce. Endit