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Gold drops amid weak sentiment

07-06-2012 06:51 BJT

CHICAGO, July 5 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange dropped on Thursday amid weak sentiment after holiday, with investors awaiting Friday's U.S. jobs data. A higher dollar also added to the negative tone.

The most active gold contract for August declined 12.4 dollars, or 0.77 percent, to settle at 1,609.4 dollars per ounce.

After reaching a two-week high in the previous trading session, gold reversed course and settled lower after the U.S. Independence Day holiday.

Traders and investors alike may be sidelined awaiting Friday's unemployment data, which yield light volume, said Mike Daley, a senior gold analyst with PFGBest Group.

Meanwhile, a higher U.S. dollar also put substantial pressure on gold, as a stronger greenback makes commodities in general more expensive for holders of other currencies.

Silver for September delivery fell 60.8 cents, or 2.07 percent, to close at 27.672 dollars. Platinum for October delivery declined 13.7 dollars, or 0.9 percent, to close at 1,477.7 dollars per ounce.


Editor:James |Source: Xinhua

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