Dull day for precious metals

Gold slid for a second session on Thursday

Bullion prices ended lower on Thursday, 11 November 2914. Gold slid for a second session on Thursday as a strong report on retail sales hit haven demand and helped U.S stocks.

Gold for February delivery fell $3.80, or 0.3%, to settle at $1,225.60 an ounce.

March silverdropped 8 cents, or 0.4%, to settle at $17.11 an ounce.

Meanwhile, the U.S. stock market recovered energetically in the wake of Wednesday's profit-taking following two days of gains. Typically, investors run for the perceived safety of gold when equities worldwide come under that much pressure.

On the U.S. economic front on Thursday, the Commerce Department released a stronger-than-expected reading on U.S. retail sales that appeared to weigh on investors' interest in the yellow metal. Weekly jobless claims came in at 294,000, while market had expected 296,000.

The market place was calmer on Thursday. U.S. stock indexes were posting solid rebounds in afternoon trading. The dollar got a boost following upbeat weekly U.S. jobless claims and retail sales reports. Gold and silver also saw selling interest limited due to the rallying stock indexes on Thursday.

In overnight news, Russia's central bank raised interest rates by 1.0% in a move designed to prop up the flagging ruble, which is at a record low versus the U.S. dollar and has lost 40% of its value this year. Falling oil prices and Western sanctions against Russia have sunk the ruble.

Chinese economic leaders on Thursday pledged to forge ahead with market-based economic reforms, following a major meeting. The officials said they would keep China's economic growth rate steady, which would be around 7.0% to 7.5% annual growth. However, many China watchers think China's central bank will introduce monetary policy stimulus measures in the coming months. Chinese officials said Thursday there has been downward pressure on their economy and that there are economic risks.

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