Kitco spot $1323.70 down $42.10:
Gold prices ended the U.S. day session with sharp losses and hit a four-week low Thursday. Deteriorating near-term chart postures for both gold and silver markets are leading to fresh technical selling pressure this week. More risk appetite in the market place has also been a bearish factor for safe-haven gold. A much better showing for the latest U.S. weekly jobless claims data Thursday also added to the selling pressure in gold and silver. December Comex gold was last down $33.00 at $1,330.80 an ounce. Spot gold was last quoted down $34.70 at $1331.60. December Comex silver last traded down $0.977 at $22.20 an ounce.
Gold prices hit their daily low shortly after weekly U.S. jobless claims was released, showing a surprising 31,000 decline in the latest reporting week. That was the lowest number since 2006. However, a Labor Department official shortly thereafter said that number is flawed due to state reporting errors—two states did not report their claims and they were not included in the overall report. Nonetheless, the selling pressure in gold and silver did increase following the weekly jobless numbers....MORE
