Daily Gold Update

Source: MarketWatch

New York— Gold futures fell Thursday, marking their second monthly loss, as declining U.S. jobless claims and rising stocks raised hopes for an economic recovery, reducing gold's investment appeal. Copper gained more than 2%. U.S. stocks moved higher Thursday and were poised for a winning month, after the Labor Department reported first-time claims for state unemployment benefits fell to their lowest level since early April. Gold for June delivery lost $9.30, or 1%, to end at $891.20 an ounce on the Comex division of the New York Mercantile Exchange. The contract ended the month down 3.7%.

Gold was "facing more headwinds on better stocks, less haven buyers," said George Gero, a precious-metals trader for RBC Capital Markets. However, "if there is a rally over $910, we could see a higher trading range." "Month-end book squaring is likely to keep the metal in range-trade mode for the time being," said James Moore, an analyst at TheBullionDesk.com. But the metal could regain a clearer direction soon with prices potentially rising above $900, he added. See full story.