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Gold tumbles as drop in jobless claims dampens safe-haven demands

06-03-2011 10:09 BJT

CHICAGO, June 2 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange tumbled on Thursday, as last week's drop in the jobless claims helped to dampen the impetus for buying gold.

The most active gold contract for August delivery lost 10.5 U.S. cents, or 0.68 percent, to 1,532.7 dollars per ounce.

The Labor Department on Thursday said that the number of people who filed applications for unemployment compensation fell slightly last week to 422,000 from 428,000, which has eased concerns over economic recovery and dampened the safe-haven demands for gold.

Gold price enjoyed a strong rebound on Wednesday, buoyed up by safe-haven demands amid disappointing economic data released in the day. However, Thursday's unemployment number has gold price more than lost its gain from the prior trading day.

Besides, a Chicago's senior gold analyst said that some invetors' profit-taking coupled with lower crude prices also pressured the precious metal's momentum.

Silver for July delivery lost 1.492 U.S. dollars, or 3.96 percent, to 36.202 dollars per ounce. Platinum for July delivery fell 6.1 U.S. dollars, or 0.33 percent, to 1,817.8 dollars per ounce.

Editor:Yang Jie |Source: Xinhua

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