Jobless claims in the U.S. fell to their lowest level since 2007, according to data released by the U.S. Department of Labor. Silver futures, which typically track the performance of bullion, also were slipping on Thursday.
"Jobless claims dropping below 300,000 is a big deal and people are getting convinced that the economy is showing signs of recovery," senior commodity broker Phil Streible with R.J. O'Brien & Associates in Chicago told the news outlet on Thursday. "People don't need to invest in a safe-haven asset like gold when the economy is doing just fine."
At 9:58 a.m. on Thursday, gold futures were down 0.48 percent, a $6.29 loss to $1,299.68 per troy ounce. Silver futures fell 0.94 percent, a 19-cent loss to $19.61 per troy ounce.
Reuters reports the performance of the yellowish metal was supported by the steady denouement of European stocks on Thursday as the precious metal's losses were tempered.
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