Gold
and silver futures fell to four-week lows after a report showed fewer
U.S. workers filed jobless claims, fueling concern that a firm labor
market keeps the Federal Reserve on pace to raise interest rates this
year.
Applications
for unemployment benefits decreased by 8,000 to 276,000 in the week
ended May 30, a Labor Department report showed Thursday. Holdings in
exchange-traded products backed by gold extended losses Wednesday to the
lowest since 2009.
The
metal erased gains for the year as the jobs data added to signs that
the economy is strong enough to sustain higher borrowing costs, paving
the way for the Fed to increase its benchmark rate for the first time
since 2006. Higher rates erode the appeal of gold, which doesn’t pay
interest, as investors seek higher-yielding assets including new bonds.
Gold
futures for August delivery fell 0.8 percent to settle at $1,175.20 an
ounce at 1:44 p.m. on the Comex in New York. Earlier, the price touched
$1,172.40, the lowest for a most-active contract since May 1.
Silver futures for July delivery fell 2.3 percent to $16.103 an ounce. The price touched $16.08, the cheapest since May 1.
Source : Bloomberg
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