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| World Gold Prices Back Weakens |
Cyber Daily News - Gold futures on the COMEX division of the New York Mercantile Exchange
was last down on Thursday (11/05/2015) local time (Friday morning GMT).
Strengthening of the US dollar weighed on prices of this precious metal.The most active gold contract for December delivery fell 2 dollars, or 0.18 percent, to settle at 1104.20 dollars per ounce.
Gold came under pressure further when the US Labor Department said initial claims rose 16,000 became 276,000 in the week ended Oct. 31.
Analysts said the claims in general are still near record lows, and that the unemployment of the labor market is still very favorable for economic growth.
Because the weekly initial jobless claims report was in line with expectations, analysts said that the possibility of a rate hike in December was higher than in recent months.
An increase in Fed interest rates pushed investors away from gold and towards assets with yield, because the precious metal is not wearing the interest rate.
While silver for December delivery fell 7.5 cents, or 0.50 percent to close at 14.983 dollars per ounce. Platinum for January delivery dropped 1.7 dollars, or 0.18 percent, to 953.10 dollars per ounce.
