Gold prices fell on Thursday as markets look to the release of US economic data and how the Fed will view its monetary policies.
The stronger dollar and the anticipated upbeat US economic data, saw gold declining after reaching its highest level in 11 months.
On the Comex gold futures fell 0.4 percent or $4.70 to $1,309.51 a troy ounce.
Silver futures on the Comex dropped 0.4 percent, or 6.5 cents to $17.33 a troy ounce.
Platinum fell 0.5 percent to $989.90.
Palladium saw little movement at $931.12 an ounce.
Data released by China for August showed China’s manufacturing sector accelerated and almost 40 percent of the world consumption for copper is used by China who is the largest consumer. Copper futures gained to almost their highest level last seen three years ago.
Focus by investors is now on the release of US economic data on:
• Personal income together with consumer spending which will include personal consumption expenditures inflation data.
• Weekly jobless claims
• Pending home sales
• Chicago PMI
The US private sector employers saw the biggest monthly increase in five months, hiring 237,000 workers in August, according to a report by payrolls processor ADP.
Focus is now on the non-farm payrolls report which is due on Friday by the US Labour Department.
US gross domestic product increased at a 3.0 percent annual rate for the second quarter according to the Commerce Department.
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