Gold falls on lower unemployment figures

Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly Thursday on lower unemployment figures. The most active gold contract for June delivery fell 5.1 dollars, or 0.35 percent, to settle at 1,468.6 dollars per ounce. The U.S. Labor Department reported Thursday that the number of people applying for regular state unemployment-insurance benefits ticked down 4,000 to 323,000 in the week ending May 4, the lowest level since January 2008. The positive view on the employment situation in the U.S. dampened gold market. Dollar's going strong also exerted pressure on dollar-denominated gold. Nevertheless, the fall in gold Thursday was limited thanks to a strong physical demand for gold. Besides China, Indian consumers have joined the line to buy as much gold as possible ahead of introduction of restrictive import rules, and India is expected to import another 100 tonnes of gold in near future. Silver for July delivery lost 1.6 cents, or 0.07 percent, to close at 23.911 dollars per ounce. Platinum for July delivery rose 11.6 dollars, or 0.77 percent, to close at 1,516.5 dollars per ounce.