RTTNews - Gold prices moved notably lower as the dollar gained more ground on the euro. The drop added to gold's losses from the previous session when it fell away from a six-week high.
August-dated gold fell to $927.20, down $11.90 per ounce. Prices touched as low as $925.20 after touching as high as $960 earlier this week.
The dollar rose to a 10-day high near 1.4000 against the euro after testing an eight-month low around 1.4300 earlier in the week. The buck also gained on the yen and was little-changed against the pound. Gold usually moves opposite the dollar because of its hedge appeal.
In economic news on Wednesday, a Commerce Department report showed that durable goods orders fell by 2.5 percent in June following a downwardly revised 1.3 percent increase in May. Economists had expected orders to fall by 0.6 percent compared to the 1.8 percent increase originally reported for the previous month.
In the afternoon, the Federal Reserve's Beige Book report said that economic activity continued to be weak going into the summer, but noted that most of the 12 Fed districts indicated that the pace of decline has moderated or that activity has begun to stabilize.
Initial jobless claims data headlines a light economic calendar on Thursday. First-time unemployment claims rose to 585,000, compared to 554,000 a week earlier. The report is due at 8:30 a.m. ET.
August gold fell $14.40 for the session at its lowest closing level since July 17. Prices hit as low as $935.00 after touching $960 in on Monday.
For comments and feedback: contact email@example.com