Gold futures declined modestly on Thursday as mostly positive US data lifted the dollar.
Gold for December delivery on the Comex division of the New York Mercantile Exchange fell $4.60 to close at $1,088.70 per ounce. Trade ranged from $1,081.00 to $1,097.50.
“Gold still fails at lower highs – even after the knee-jerk FOMC move stops couldn’t be triggered beyond $1,104,” Triland Metals said. “But the pressure down below is not consistent and it seems that $1,070 is quite far away as the market keeps finding a bid when it looks shaky. Physical demand has picked up despite the overarching bearish sentiment that seems to have covered most of the commodity sector.”
In US data, GDP in the second quarter rose 2.3 percent, below estimates of a 2.5 percent gain, but a solid reading after a poor first quarter. Weekly unemployment claims were 267,000, in-line with forecasts of 268,00.
Additionally, advance GDP price index in June was two percent, above the 1.5 percent estimate.
In eurozone data, the German unemployment for June came in worse than expected, rising 9,000, instead of falling 5,000. The Spanish flash CPI at 0.0 percent and GDP for July at one percent also undershot.
Germany preliminary CPI month-over-month in July was 0.2 percent, in-line with forecasts.
Turning to US equities, the Dow Jones industrial average and S&P were each down 0.1 percent, while the dollar was 0.7 stronger at $1.0914 against the euro.
As for other precious metals, Comex silver for September delivery declined 4.3 cents to 14.70 per ounce. Trade has ranged $14.580 to $14.815.
Platinum for October settlement rose $1.70 to 986.60 per ounce, while the most actively traded palladium contract was at $618.80 per ounce, up $3.00.
(Editing by Tom Jennemann)
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