Investing.com – Gold prices remained lower on Thursday, after the release of upbeat U.S. economic reports lent support to the dollar, dampening demand for the precious metal.
Comex was down $4.65 or about 0.37% at $1,277.48 a troy ounce by 08:40 a.m. ET (12:40 GMT), the lowest since November 21.
The U.S. Department of Labor reported that initial jobless claims rose fell unexpectedly to last week.
Separately, the U.S. Commerce Department said that personal spending increased by in October, in line with forecasts.
The reports came a day after data showed that the U.S. economy faster than expected in the third quarter.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 93.25, just off a one-week high of 93.46 hit earlier in the day.
Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.
Investors also continued to focus on a major as the measure moved toward a U.S. Senate floor vote later this week, amid concerns over how much it will expand the federal deficit.
Elsewhere on the Comex, were down 0.53% at $16.36 a troy ounce.
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Source: Investing.com
