Gold extended yesterday’s losses, falling sharply Thursday for a second consecutive session on better economic news.

A report from the Labor Department indicated that first-time unemployment claims fell more than expected last week. Separately, the government said that U.S. wholesale prices slid a seasonally adjusted 0.2% last month. That marked the second straight month that wholesale prices have declined and followed yesterday’s announcement that consumer prices dipped 0.1% in October. Both reports weaken gold’s appeal as an inflation hedge.

Gold futures for December delivery sank 1.1% to $1,243.60 per ounce on Thursday, according to CME Group. Gold traded as high as $1,250 and as low as $1,235.80. Bullion closed in London at $1,245, according to BullionVault.

Silver futures for December declined 0.6% to $19.93 per ounce. Thursday’s high for silver was $20.05, while the low was $19.71.

Metal funds were mixed in Thursday trading.

• The SPDR Gold Shares (GLD) slipped 0.2%.
• The iShares Gold Trust (IAU) dipped 0.1%.
• The iShares Silver Trust (SLV) rose 0.6%.

Mining ETFs moved lower during the day.

• The Market Vectors Gold Miners ETF (GDX) dropped 1.4%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) sank 0.7%.
• The Global X Silver Miners ETF (SIL) slid 0.9%.

Gold stocks sank on Thursday.

• Agnico-Eagle Mines (AEM) decreased 2.2%.
• Barrick Gold (ABX) moved lower 1.9%.
• Eldorado Gold (EGO) fell 1%.
• Goldcorp (GG) slid 0.8%.
• Kinross Gold (KGC) waned 1.3%.
• Newmont Mining (NEM) dipped 1.9%.
• NovaGold Resources (NG) dropped 1.8%.
• Yamana Gold (AUY) declined 1.1%.

Silver mining shares retreated during the day.

• Coeur d’Alene Mines (CDE) inched down 0.1%.
• Hecla Mining (HL) fell 1.3%.
• Pan American Silver (PAAS) dropped 1.9%.
• Silver Wheaton (SLW) sank 0.4%.
• Silver Standard Resources (SSRI) slid 1.1%.

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.