Gold declines on stronger dollar, more jobless in US

Precious metals prices were mixed Thursday, with gold down as the US Labor Department reported that first-time jobless claims rose again last week.

The number of initial unemployment claims were up 15,000 to 576,000, while in the week ending 8 August long-term jobless claims were up 2,000 to 6.24 million even though the four-week average dropped 2,500 to 6.27 million.

Also helping send gold lower was a strengthening of the US dollar.

December gold was down $3.10 to $941.70 per troy ounce in New York trade, while September silver added a cent to $13.88 per troy ounce and October platinum gained 60 cents to $1,242 per troy ounce.

The stronger dollar also reduced the price of copper in New York after the metal used in construction and manufacturing was up in earlier traded after equities markets in China saw gains.

Gains for the greenback reduced demand for metals as a sanctuary against inflation.

September copper was down 2 cents to $2.74 per pound in New York, but three-month copper was up $24 to $6,005 per tonne at last report from the London Metal Exchange.