Gold down on upbeat US economic data

Gold futures went down on the COMEX division of the New York Mercantile Exchange Thursday on positive US economic data.

The most active gold contract for December delivery fell $2, or 0.18 percent, to settle at $1,122.60 per ounce, reported Xinhua.

Gold was put under pressure as a report released by the US Department of Commerce showed the US gross domestic product showing a revised annualized growth rate of 3.7 percent. Analysts noted strength in consumer demand, as personal consumption expenditures reached a 3.1 percent rate. This report was better than expected.

The precious metal was put under further pressure as a report released by the US Department of Labor showed unemployment claims falling by 6,000 to 271,000 last week. Analysts note that all readings in this report are low and that the US labor market is doing well.

Silver for September delivery rose 37.6 cents, or 2.68 percent, to close at $14.417 per ounce. Platinum for October delivery added $25.8, or 2.63 percent, to close at $1,006 per ounce.