Investing.com - Gold prices remained lower on Thursday, after the release of upbeat U.S. economic reports lent support to the dollar, dampening demand for the precious metal.
Comex gold futures was down $4.65 or about 0.37% at $1,277.48 a troy ounce by 08:40 a.m. ET (12:40 GMT), the lowest since November 21.
The U.S. Department of Labor reported that initial jobless claims rose fell unexpectedly to 238,000 last week.
Separately, the U.S. Commerce Department said that personal spending increased by 0.3% in October, in line with forecasts.
The reports came a day after data showed that the U.S. economy grew faster than expected in the third quarter.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 93.25, just off a one-week high of 93.46 hit earlier in the day.
Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.
Investors also continued to focus on a major U.S. tax reform bill as the measure moved toward a U.S. Senate floor vote later this week, amid concerns over how much it will expand the federal deficit.
Elsewhere on the Comex, silver futures were down 0.53% at $16.36 a troy ounce.