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Gold declines for first session in nine on bouncing dollar

Source:www.chinaview.cn       Updated:November 13 06:15

CHICAGO, Nov. 12 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange fell for the first time in recent nine sessions on Thursday after touching a new record high, as dollar regained strength and rallied sharply. Silver and platinum both went down.

The most active gold contract for December delivery tumbled 8 U.S. dollars, or 0.7 percent, to finish at 1,106.60 dollars an ounce. In the overnight electronic session, the precious metal rallied to a record peak of 1,123.40.

On Thursday finance ministers from 21 Asia-Pacific countries announced to embrace a "market-oriented exchange rates" for global currencies, which implied dollar may rise gradually against emerging countries' currencies.

Supported by those bullish anticipations, the dollar index, which measures the greenback's value against other major currencies, soared more than 0.6 percent to an intraday high of 75.75 in the morning session. As an asset against dollar's depreciation, gold's demand of hedge was reduced.

On the economy front, new claims for unemployment insurance fell more than expected last week, indicating the job market is recovering slowly.

The Labor Department said Thursday that first-time claims for jobless benefits dropped unexpectedly to a seasonally adjusted 502,000 from an upwardly revised 514,000 the previous week. That's the fewest claims since early January.

December silver was down 27.2 cents to 17.265 dollars per ounce. January platinum fell 6.40 dollars to 1363.20 dollars an ounce.

 

Editor: Mu Xuequan