Gold price reaches one-week low on upbeat US economic data

San Francisco (Sept 3)  A return of calm in global markets and upbeat economic data out of the U.S. sent gold futures to their lowest settlement in a week.

December gold shed 0.8% to settle at $1,124.50 an ounce on Comex. Prices marked their seventh loss in nine trading sessions, and their lowest settlement since Aug. 27.

U.S. weekly jobs data indicated a strengthening labor market, a day ahead of the more critical monthly jobs report, due at 8:30 a.m. on Friday, which should give a clearer picture about the strength of the world's biggest economy.

In other metals trading, December silver ended at $14.70 an ounce, up 0.3%.

December copper tacked on 2.4% to $2.385 a pound, extending a 1.2% gain from a day earlier.

October platinum fell 0.4% to $1,010.10 an ounce while December palladium shed 0.3%, to $581.55 an ounce.

In energy trading, oil futures settled higher on Thursday, helped by a weekly decline in oil production and expectations for further stimulus measures by the European Central Bank, which could lift energy demand.

A rally in the stock market also helped to improve the energy-demand outlook, but oil prices trimmed gains as equities lost steam and the U.S. dollar continued to strengthen.

October West Texas Intermediate crude logged its fifth gain in six sessions adding 1.1% to settle at $46.75 a barrel on the New York Mercantile Exchange after trading as high as $48.42.

Brent crude on the ICE Futures exchange tacked on 0.4% to $50.68 a barrel.

Source: ProactiveInvestors