Daily Gold Update

Source: Marketwatch

New York— Gold futures settled lower Thursday, as investors shifted to stocks, oil and other assets seen as riskier after a drop in U.S. jobless claims helped offset a recent rise in concerns about the economy. Gold for December delivery receded $3.60, or 0.3%, to $1,237.70 an ounce on the Comex division of the New York Mercantile Exchange. Copper rallied nearly 3%. Gold's pullback came after the metal hit a seven-week high on Wednesday, as fears of economic gloom supported gold and pushed silver to its best finish in eight weeks. Silver for December delivery, the most active contract, reversed lower on Thursday. The contract declined 5 cents, or 0.3%, to settle at $19.02 an ounce.

Gold has added about $75 in the past few weeks, and "with nothing really looming" to spur a flight to safety, it was only natural to expect that some investors would take money off the table, said James Cordier, a portfolio manager at OptionSellers.com in Florida. See full story.