Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday on market expectations that U.S. interest rates may stay higher for longer.
The most active gold contract for December delivery fell 12.30 U.S. dollars, or 0.65 percent, to close at 1,878.60 dollars per ounce.
Economic data released Thursday supported gold, preventing it from falling further. The U.S. Labor Department reported that U.S. initial jobless claims crept up to 204,000, an increase of 2,000 from the previous week’s revised level of 202,000.
The U.S. Commerce Department reported that U.S. real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023. In the first quarter, real GDP increased 2.2 percent.
The National Association of Realtors reported that U.S. pending home sales fell by 7.1 percent in August from the previous month. Economists were expecting pending home sales to fall 1 percent in August.
Investors are awaiting the release of the personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, on Friday.
Silver for December delivery rose 1.70 cents, or 0.07 percent, to close at 22.741 dollars per ounce. Platinum for January delivery rose 18.80 dollars, or 2.10 percent, to close at 915.10 dollars per ounce.