Gold ends lower for first time in seven sessions
Bullion prices ended lower on Thursday, 26 June 2014 at Comex. Gold futures settled lower on Thursday, putting an end to a six-session string of gains that lifted prices to their highest close in about 10 weeks.
Gold for August delivery fell $5.60, or 0.4%, to settle at $1,317 an ounce on the Comex division of the New York Mercantile Exchange.
July silver closed down about a cent at $21.11 an ounce.
Reports Thursday said China authorities have uncovered $15.2 billion illegal gold- financing scheme that dates back at least two years. That also put some downside price pressure on the yellow metal on Thursday, due to the immediate uncertainty of the situation. Chinese officials recently broke up a big, illegal copper financing operation in China, which sunk the copper market for a short time.
The civil war in Iraq is still an issue for the market place but it has at least temporarily moved off the front burner. .
U.S. economic data released Thursday included the weekly jobless claims report, the Kansas City Fed manufacturing survey, and personal income and outlays. None of this data had a big impact on the market place.
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