Gold futures slipped in value for the first time in four sessions on the news of federal data regarding unemployment and growth that was less encouraging than projected, the Wall Street Journal reports.
Having previously increased in value because of dire concerns about debt-hobbled banks in Europe in general and Greece in particular, gold futures reversed course on Thursday.
"We have seen some precious metals come under pressure as early profit-taking emerges in European markets ahead of the weekend and the end of the month," states a client note from Standard Bank analyst Marc Ground.
At 10:04 a.m. on Thursday, gold futures slipped 0.56 percent, an $8.60 decline to $1,519.20 per troy ounce.
The U.S. Labor Department announced jobless claims for week ending May 21 increased by 10,000 from the week prior to 424,000.
During the first quarter, real gross domestic product increased 1.8 percent, according to the U.S. Commerce Department, That rate is consistent with what the department projected last month. Commerce also announced first quarter corporate profits increased by $21.9 billion to more than $1,700 billion.
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