World Business

Gold retreats from new high as jobless claims drop

(Xinhua)
Updated: 2010-04-30 09:55

CHICAGO: Gold futures on the COMEX Division of the New York Mercantile Exchange ended lower on Thursday, as the signals of steadier market eased safe-haven demand of gold. Silver and platinum both surged.

The most active gold contract for June delivery dropped $3.0, or 0.3 percent, to finish at $1,168.80.

The initial claims for unemployment benefits dropped last week, US Labor Department said on Thursday, and several upbeat corporate earnings reports released Thursday also suggested that the US economy is recovering, and encouraged investors to pursue risky assets for better return, and reduced the appeal of gold as safe-haven.

Meanwhile, the speculation that Greece might avoid defaulting on debt payments next month with the possible approval on a larger aid package for Greece has reassured investors to dump low- yielding assets like dollar and gold. Euro bounced from one-year lows against dollar on Thursday, the weaker dollar and stronger oil price has helped narrow gold's loss.

July silver rose 44.4 cents to $18.579 per ounce. July platinum was up $20.1 to $1,733.7 an ounce.