Gold prices drifted lower on Thursday and pushed the most active gold futures contract to another weak close, as the dollar strengthened and equities moved higher after data showed strong US GDP growth in the third quarter.

The dollar index rose to 94.10 and was last seen at 93.95, up nearly 0.6% from previous close.

Gold futures for December ended down $11.20 or about 0.6% at $1,868.00 an ounce, a fresh low in about a month.

Silver futures for December closed lower by $0.001 at $23.360 an ounce, while Copper futures for December settled at $3.0565 per pound, down $0.0075 from previous close.

Data from the Commerce Department said real gross domestic product skyrocketed by 33.1% in the third quarter after plunging by 31.4% in the second quarter. Economists had expected GDP to soar by 31%.

The substantial rebound in GDP came as consumer spending bounced back sharply, spiking by 40.7% in the third quarter after plummeting by 33.2% in the second quarter.

Data from the Labor Department showed initial jobless claims in the U.S. dropped to 751,000 in the week ended October 24th, a decrease of 40,000 from the previous week’s revised level of 791,000. Economists had expected jobless claims to dip to 775,000 from the 787,000 originally reported for the previous week.

With the bigger than expected decrease, jobless claims fell to their lowest level since hitting 282,000 in the week ended March 14th.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.