Gold futures finished sharply lower on Thursday, retreating from five week high earlier in the session, after initial jobless claims unexpectedly surged to a nearly two-month high pointing risks of weakening labor market. Moreover, firmness in dollar and rising bond yield notes dulled the yellow metal rates.
Gold futures for February delivery plunged by $47.30 or 1.7% to settle at $2,709.40 per ounce on the Comex division of the New York Mercantile. Spot gold up by $7.29 or 0.27% to $2,688.02 an ounce.