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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 07/08/2010 : 17:00:31
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July 8, 2010, 8:50 a.m. EDT
Cynthia Lin NEW YORK (MarketWatch) -- Gold futures reversed lower, falling below the key mark of $1,200 an ounce after the Labor Department reported initial jobless claims fell 21,000 to 454,000 in the latest week. Gold for August delivery lost $1.20 to $1,197.50 an ounce on the Comex division of the New York Mercantile Exchange. The larger-than-expected decline in jobless claims lifted hopes for the economy, leading investors to shift away from gold's safe-haven play. Earlier, the commodity had bounced back as high as $1,208 an ounce as physical demand for bullion cushioned last week's sell-off.
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Gold down as jobless claims fall
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