Gold futures settled modestly lower Thursday after several better than expected U.S. economic reports reduced investors’ affinity for the safe haven.
COMEX gold futures surrendered earlier gains to close lower by $3.00, or 0.2%, at $1,610.60 per ounce. The yellow metal reached an intra-day low of $1,599.10 this morning before paring its losses.
Three key data points on the state of the U.S. economy were announced this morning, as follows:
- Weekly jobless claims fell to 364,000, below the 380,000 median estimate among economists, and the lowest level since April 2008
- University of Michigan Consumer Sentiment rose to 69.9 in December – beating the consensus estimate of 68.0
- Leading economic indicators rose 0.5% in November, ahead of the 0.3% expected by economists
Source;http://www.goldalert.com/2011/12/gold-futures-stalled-by-slew-of-encouraging-economic-data/
It is really true that when the economy is up, gold is down. But for sure, gold will still go up in no time.
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