Gold Drops 0.9% from Fresh Dollar Record, Silver Loses 1.9%, as Markets Await Key US Jobs Data

From Chris Mullen at GoldSeek.com...

Gold rose as much as $18.50 to a new record high of $1364.70 in late Asian trade on Thursday, held most of those gains in London trade, but then fell off markedly in New York and ended near its early afternoon low of $1325.72 with a loss of 0.9%.

The Gold Price in Euros fell to about €961 per ounce.

Silver climbed to a new 30-year high of $23.491 in Asia before it also fell back off in New York and ended near its early afternoon low of $22.425 with a loss of 1.9%.

Platinum lost $8.75 to $1694.75, and copper fell over 7 cents to about $3.67.

Gold Mining and silver equities fell roughly 3% by early afternoon and remained near their lows into the close.

Oil fell as the US Dollar index reversed early losses and ended slightly higher ahead of Friday's jobs report.

Treasuries saw slight losses along with the Dow and S&P. The Nasdaq found a small gain.

New data showed Initial US Jobless Claims for last week slipping to 445,000 from 465,000. Consumer Credit shrank more than expected, down by $3.3 billion.

Friday at 08:30 Eastern (13:30 London time) brings September's US jobs data, and at 10:00 comes the Wholesale Inventories report for August – expected 0.4% higher.

Analyst forecasts expect Non-Farm Payrolls unchanged, with the Unemployment Rate expected at 9.7% of the working-age population. Hourly Earnings are expected to have risen 0.2%, and the Average Workweek is expected at 34.2 hours.

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