Gold prices declined on Thursday on upbeat jobless claims data and lack of investment interest. Another report on Thursday showed the number of Americans seeking unemployment benefits fell again last week. Gold’s recent gains were majorly driven by a bout of short covering as speculators aggressively bought back their bearish bets.
Prices came under pressure on comments from St. Louis Fed President James Bullard that interest rate increases should come sooner rather than later. Also negative was a drop in crude oil prices as fears eased over export disruption from war-ravaged Iraq.
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