Gold prices pulled back after climbing to US$1,385/oz as the US dollar strengthened on the back of yesterday’s US manufacturing data and today’s jobless claims report from the Labor Department.
It was reported yesterday that industrial production rose 0.4% in November, while consumer prices climbed 0.1%.
The Empire State manufacturing index rose from -11.4 in November to 10.6 in December.
The US Labor Department said today that jobless claims unexpectedly decreased by 3,000 to 420,000.
Gold is seen as an alternative investment to the US dollar and usually moves inversely to the American currency.
Gold last traded at US$1,379/oz.
Silver and platinum advanced to US$28.99/oz and US$1,696/oz respectively.
Most mining stocks were in decline today.
Randgold Resources (LON:RRS) bucked the trend, posting a small gain.
Another gold producer African Barrick Gold (LON:ABG) lost 1%, while silver miner Fresnillo (LON:FRES) and platinum miner Lonmin (LON:LMI) declined marginally.
In the FTSE 250, Aquarius Platinum (LON:AQP) dipped 2.4%, while silver producer Hochschild Mining (LON:HOC) and gold miner Petropavlovsk (LON:POG) posted small losses.