Gold News & Info

Source: Marketwatch

San Francisco— Gold futures closed with a modest loss Thursday after new data gave a rosier view of U.S. unemployment, though gold closed off session lows as European worries simmered. Gold for December delivery closed down $6.60, or 0.5%, at $1,250.90 an ounce on the Comex division of the New York Mercantile Exchange. Silver, copper, palladium and platinum followed gold's path lower.

"We have a much more positive tone surrounding the financial arena, and that's not what gold thrives on," said Bill O'Neill, managing partner at Logic Investment Services. "Gold is very much a psychological commodity, and today the tone has changed a bit." Gold had reached a new closing high on Tuesday above $1,259 an ounce on concerns European banks may be more vulnerable to a sovereign debt default than previously thought. Successful bond auctions from Portugal and Ireland governments allayed some of those fears. See full story.