Tue, 01 Dec 2020

Gold down on U.S. dollar strength

20 Nov 2020, 05:59 GMT+10

CHICAGO, Nov. 19 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as the U.S. dollar strengthened.

The most active gold contract for December delivery fell 12.4 U.S. dollars, or 0.66 percent, to close at 1,861.5 dollars per ounce.

Gold was under additional pressure as a report released by the Philadelphia Federal Reserve showed the Philadelphia manufacturing activity index dropped 6 points to 26.3 in November, better than expected and reflecting improving conditions.

A weekly jobless claims report gave gold some support, preventing it from further falling. The U.S. Department of Labor reported on Thursday that the weekly jobless claims increased by 31,000 to 742,000 in the week ending Nov. 14, worse than expected.

Silver for December delivery fell 40 cents, or 1.64 percent, to close at 24.048 dollars per ounce. Platinum for January delivery rose 0.6 dollar, or 0.06 percent, to close at 951.5 dollars per ounce.

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