Gold rallied to three-week high on Thursday before slightly declining after fresh data. The charts remain bearish, says Kitco News.
August Comex gold was last down $0.80 at $1,172.10 an ounce. September Comex silver was last down $0.09 at $15.80 an ounce.
October platinum added $1.70, or 0.2%, to $1,076.20 an ounce, while September palladium dropped by $14.45, or 2.1%, to $681.25 an ounce.
September copper lost a penny, or 0.3%, to $2.62 a pound.
Earlier today, it was reported that personal spending rose by 0.9% in May, above expectations for a gain of 0.7%. Personal spending rose 0.1% in April, whose figure was revised up from a previously reported flat reading.
Data also showed that personal income rose by 0.5% in May, in line with forecasts and after rising 0.5% in April.
Separately, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending June 20 increased by 3,000 to 271,000 from the previous week’s total of 268,000. Economists had expected initial jobless claims to climb by 4,000 to 272,000 last week.
On Thursday European stock markets were under pressure again due to concerns over Greece defaulting on its debt obligations to the European Union and International Monetary Fund.
Looking beyond Greece’s woes, which could prove a benefit for the gold, the World Gold Council “has painted a relatively optimistic picture of Chinese gold demand,” said commodity analysts at Commerzbank in a note Thursday.
