RTTNews - Gold prices finished slightly lower on Thursday morning as profit takers capitalized on a three-session winning streak. A weaker dollar limited the metal's losses.
August gold fell to $935.40 per ounce, down $4 on the session. The metal hovered near its flat-mark through the day, touching as high as $940.50 and as low as $932.60.
The precious metal had finished higher each of the last three days, rising more than $28 on the week. With the rally, gold erased last week's slump when it fell to a two-month low of $904.80.
The dollar experienced further weakness against its major rivals, extending a two-week low against both the euro and pound. Gold often moves opposite the dollar because of the precious metal's hedge appeal.
A Labor Department report showed that jobless claims fell to 522,000 from the previous week's revised figure of 569,000. Economists had been expecting jobless claims to fall to about 530,000 from the 565,000 originally reported for the previous week.
Later in the morning, the Federal Reserve Bank of Philadelphia said its index of current activity fell to a negative 7.5 in July from a negative 2.2 in June, with a negative reading indicating a contraction in the sector. The index had been expected to slip to a reading of negative 4.8.
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