MW: Gold falls for fourth straight session as crude, stocks rise
Gold futures fell Thursday for a fourth straight session to near $940 an ounce as higher stock markets and crude prices reduced safe-haven buying.
Gold for April delivery lost $23.80, or 2.4%, to $942.40 an ounce in North American electronic trading. Prices are now about $60 lower than Friday's high above $1,000 an ounce.
In equity markets, European shares rose, while U.S. stock futures also moved higher. Meanwhile, crude oil rose to the highest level in one month as data showed U.S. gasoline inventories fell.
In currencies trading, the dollar index , which tracks the value of the greenback against its major rivals, rose to near 88 overnight. It erased gains in recent trading, down 0.3% to 87.347. A rising dollar could put downward pressures on dollar-denominated gold prices.
"Equities on the rise in Europe and a U.S. dollar flirting with the 88 level on the index are keeping gold in check for the moment," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers.
Gold holdings in SPDR Gold Shares , the largest gold exchange-traded fund, remained unchanged for a fifth straight session, standing at 1,028.98 tons Wednesday, according to the latest data from the fund.
"With no fresh inflows in to the SPDR fund gold is unlikely to find significant upwards momentum and could look to spend some time consolidating in a broad range between $935-85 until sentiment turns more favorable," wrote James Moore, an analyst at TheBullionDesk.com
In other metals trading Tuesday, March copper gained 3.5% to $1.487 a pound, while March silver lost 3.1% to $13.995 an ounce.
March palladium rose 0.6% to $201.40 an ounce, and the April contract for sister metal platinum dropped 2.9% to $1,048.70 an ounce.
In economic news Thursday, first-time applications for state unemployment benefits for the week ended Feb. 21 rose 36,000 to a seasonally adjusted 667,000, the labor Department reported.
The level of initial claims is the highest since October 1982 and up 86% from the same period in the prior year.
Meanwhile, demand for U.S.-made durable goods fell for a record sixth straight month in January amid widespread weakness from both domestic and foreign buyers, the Commerce Department reported.
