Gold Dips on Jobless Data, Rising U.S. Dollar

by Christopher Freeburn | May 9, 2013 4:20 pm

Gold Silver GLD IAU SLV[1]A stronger U.S. dollar and lower-than-expected jobless claims pushed gold down slightly in Thursday trading.

The Labor Department said on Thursday that first-time unemployment benefits claims fell to 323,000, surprising economists who were expecting 335,000. Improvements in U.S. employment could reduce pressure on the Federal Reserve to maintain economic stimulus efforts.

Meanwhile, the U.S. dollar hit its highest level in four years against the Japanese yen.

Gold futures for June delivery dipped 0.3% to $1,468.60 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,476 and as low as $1,458.80. Gold bullion closed in London at $1,460, according to BullionVault[3].

Silver futures for June delivery sank 0.1% to $23.89 per ounce. Thursday’s high for silver was $24.13, while the low was $23.70.

Gold and silver funds fell back in Thursday trading.

Gold and silver mining ETFs moved down during the day.

Gold mining shares mostly retreated on Thursday.

Silver mining shares dropped.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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