Investing.com - Gold prices ended the week sharply lower on
Thursday, falling below the $1,300 level as indications that the
U.S. economic recovery is progressing dampened safe haven demand
for the precious metal.
On the Comex division of the New York Mercantile Exchange, gold
futures for June delivery ended Thursday's session at $1,294.90 an
ounce. The precious metal ended the week down 2.34%. The Comex was
closed for Good Friday.
Gold came under pressure after upbeat U.S. data on manufacturing
and employment pointed to underlying strength in the economy.
The Labor Department reported the number of people filing for
unemployment benefits edged up to 304,000, below analysts'
forecasts and not far from the six-and-a-half year low of 300,000
touched the previous week.
A separate report showed that manufacturing activity in the
Philadelphia region strengthened more than forecast in April.
Meanwhile, concerns over the crisis in eastern Ukraine eased on
Thursday after Russia, Ukraine, the U.S. and the European Union
said an agreement on steps to "de-escalate" the crisis had been
Gold, seen as a safe haven investment, usually benefits from
economic and geopolitical turmoil.
Concerns over weakening demand from top buyer China also weighed
Prices for the precious metal posted the largest one day decline
since December 19 on Tuesday after the World Gold Council said that
Chinese gold demand is likely to remain flat this year, as a result
of the country's economic slowdown and constrained credit
Elsewhere in metals trading, silver futures for May delivery
rose 0.2% to $19.64 a troy ounce on the Comex, trimming the week's
losses to 1.59%.
Copper futures for May delivery edged up to $3.049 a pound at
the close on Thursday, to end the holiday shortened week with gains
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