by Christopher Freeburn | March 27, 2014 4:43 pm
Gold dropped again on Thursday, settling under $1,300 an ounce for the first time in six weeks. The metal retreated under pressure from stronger U.S. economic data, which boosted the U.S. dollar.
The Commerce Department revised fourth-quarter U.S. GDP growth upward from a prior estimate of 2.4%, to 2.6%, though the gain was almost entirely attributable to higher health care spending during the quarter. In a separate report, the Labor Department said that first-time unemployment benefit claims declined to a seasonally adjusted 311,000 last week. That was less than the 325,000 new claims economists had forecast.
Gold futures for April delivery fell 0.7% to $1,294.70 per ounce on Thursday, according to CME Group. Gold traded as high as $1,307.60 and as low as $1,291.20 Bullion closed in London at $1,294, according to BullionVault.
Silver futures for May delivery slipped 0.4% to settle at $19.71 per ounce. Thursday’s high for silver was $19.87, while the low was $19.58.
Metal funds faded on Thursday.
Mining ETFs improved during the day.
Gold stocks mostly advanced on Thursday.
Silver mining shares gained during the day.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
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