Gold falls on upbeat economic data

By Xu JingUnreguser

CHICAGO, Aug. 11 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday on strong economic data.

The most active gold contract for December delivery fell 6.5 U.S. dollars, or 0.36 percent, to close at 1,807.2 dollars per ounce.

The U.S. Labor Department reported Thursday that the U.S. producer price index, a measurement of inflation before it reaches consumers, declined 0.5 percent in July on a yearly basis. It was the first monthly drop since April 2020 and was down from a sharp one-percent increase from May to June.

Another U.S. Labor Department report shows that U.S. initial jobless claims rose 14,000 to a seasonally adjusted 262,000 in the week ending Aug. 6. The figure is slightly lower than the 263,000 applications forecast by economists.

Silver for September delivery fell 39.3 cents, or 1.89 percent, to close at 20.349 dollars per ounce. Platinum for October delivery rose 13.3 dollars, or 1.41 percent, to close at 959.4 dollars per ounce.

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