Gold down on technical correction


By Xu JingUnreguser

CHICAGO, Jan. 21 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as gold entered technical correction after hitting almost a two-week high on Wednesday.

The most active gold contract for February delivery fell 0.6 U.S. dollars, or 0.03 percent, to close at 1,865.9 dollars per ounce.

Gold was under additional pressure on upbeat economic figures. U.S. Department of Labor reported on Thursday that 900,000 people filed for initial jobless claims in the week ending Jan. 16, a decline of 26,000 from the previous week.

U.S. home construction jumped 5.8 percent in December to 1.67 million units, a 14-year high; the Philadelphia Federal Reserve's business condition index jumped to 26.5 in January from 9.1 in December.

The European Central Bank decided to keep its interest rates and asset-buying program unchanged after a meeting on Thursday, supportive of gold.

Silver for March delivery rose 8.8 cents, or 0.34 percent, to close at 25.854 dollars per ounce. Platinum for April delivery rose 11.6 dollars, or 1.04 percent, to close at 1,128 dollars per ounce.

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