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Gold down on strong U.S. jobs report

English.news.cn   2014-07-04 05:34:16

CHICAGO, July 3 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell Thursday as a strong U.S. jobs report lured investors away from gold to U.S. equities.

The most active gold contract for August fell 10.3 U.S. dollars, or 0.77 percent, to settle at 1,320.6 dollars per ounce.

Gold fell for the first time in five trading sessions as 288, 000 jobs were added to the U.S. economy in June, according to a report from the U.S. Department of Labor. This brings the unemployment rate to 6.1 percent, a near six-year low.

An additional report by U.S. Department of Commerce showed that U.S. trade deficit shrank 5.6 percent in May to 44.4 billion dollars, further dampening the appeal of gold.

European Central Bank kept interest rates unchanged despite signs of persistently weak inflation that threatens the region's fragile recovery.

Nevertheless, geopolitical risk will prevent a severe collapse in gold prices, market analysts hold.

Silver for September delivery lost 16.5 cents, or 0.77 percent, to close at 21.137 dollars per ounce. Platinum for October delivery dropped 3.8 dollars, or 0.25 percent, to close at 1,507.7 dollars per ounce.

Editor: Mu Xuequan
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