Investing.com – Gold futures extended losses on Thursday, dropping to a fresh daily low after Greek Prime Minister George Papandreou won a parliamentary majority in favor of an implementation law for a five-year austerity plan.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,503.75 a troy ounce during U.S. morning trade, slumping 0.48%.
It earlier fell as much as 0.6% to hit a daily low of USD1,502.05 a troy ounce.
Earlier in the day, Greece’s parliament approved legislation on the implementation of different parts of the harsh austerity package needed to secure a EUR12 billion tranche of bailout funds from the European Union and International Monetary Fund in order to avoid a sovereign debt default.
Global financial service provider Commerzbank said earlier that, "With market players now more willing to take risks, gold is unlikely to make strong gains in the immediate future."
Meanwhile, easing concerns over the U.S. economic outlook reduced the safe haven appeal of the precious metal.
The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits in the week ending June 24 declined by 1K to a seasonally adjusted 428K, after rising by 429K in the previous week.
Continuing jobless claims fell by 12K to 3.702 million from a revised 3.714 million in the preceding week.
A separate report showed that manufacturing activity in the Chicago area rose unexpectedly in June.
Gold prices were headed for a second consecutive monthly decline, slumping 1.4% in June, but still on course for 5.7% quarterly gain. Gold has posted 11 consecutive quarterly gains.
Meanwhile, silver for September delivery dropped 0.6% to trade at USD34.62 a troy ounce during, while copper for September delivery gained 0.4% to trade at USD4.241 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,503.75 a troy ounce during U.S. morning trade, slumping 0.48%.
It earlier fell as much as 0.6% to hit a daily low of USD1,502.05 a troy ounce.
Earlier in the day, Greece’s parliament approved legislation on the implementation of different parts of the harsh austerity package needed to secure a EUR12 billion tranche of bailout funds from the European Union and International Monetary Fund in order to avoid a sovereign debt default.
Global financial service provider Commerzbank said earlier that, "With market players now more willing to take risks, gold is unlikely to make strong gains in the immediate future."
Meanwhile, easing concerns over the U.S. economic outlook reduced the safe haven appeal of the precious metal.
The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits in the week ending June 24 declined by 1K to a seasonally adjusted 428K, after rising by 429K in the previous week.
Continuing jobless claims fell by 12K to 3.702 million from a revised 3.714 million in the preceding week.
A separate report showed that manufacturing activity in the Chicago area rose unexpectedly in June.
Gold prices were headed for a second consecutive monthly decline, slumping 1.4% in June, but still on course for 5.7% quarterly gain. Gold has posted 11 consecutive quarterly gains.
Meanwhile, silver for September delivery dropped 0.6% to trade at USD34.62 a troy ounce during, while copper for September delivery gained 0.4% to trade at USD4.241 a pound.