Gold falls for seventh session in row

GMT 02:55 2014 Friday ,07 November

Arab Today, arab today Gold falls for seventh session in row

Spike Dahab
Chicago - XINHUA

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday, for a seventh session loss on a strong U.S. dollar and upbeat employment data.
The most active gold contract for December delivery lost 3.1 U. S. dollars, or 0.27 percent, to settle at 1,142.6 dollars per ounce.
A report from the U.S. Department of Labor showed initial jobless claims falling by 10,000 to 278,000 during the week of Nov. 1. The report also said that the 4-week average fell 2,250 to 279, 000. Analysts noted that this is the seventh decline in eight weeks for the average and a new 14-year low.
The U.S. dollar was supported by the news that European Central Bank President Mario Draghi told its staff to prepare for " unconventional stimulus measures" if necessary. The euro fell 0.75 percent, below a key level of 1.2400 against the U.S. dollar in New York market on Thursday. This triggered a fall in gold, which is traded in dollar, making it more expensive for buyers using other currencies.
Silver for December delivery lost 2.6 cents, or 0.17 percent, to close at 15.413 dollars per ounce. Platinum for January delivery lost 13.5 dollars, or 1.12 percent, to close at 1197.1 dollars per ounce.

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