CHICAGO, Aug. 31 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as U.S. inflation stays above 3 percent.
The most active gold contract for December delivery fell 7.10 U.S. dollars, or 0.36 percent, to close at 1,965.90 dollars per ounce.
The U.S. Commerce Department reported on Thursday that the U.S. Personal Consumption Expenditures Price (PCE) Index in July rose 0.2 percent month on month and 3.3 percent year on year, up from a two-year low of 3.0 percent a month earlier.
Sticky inflation data pushed up the U.S. dollar index, and fueled new market expectation that the Federal Reserve would further hike rates and keep them higher for longer time.
Other economic data released Thursday were mixed. The U.S. Labor Department reported that U.S. initial claims for state unemployment benefits fell 4,000 to a seasonally adjusted 228,000 for the week ending Aug. 26, the lowest level of this measure in four weeks.
The Chicago Business Barometer released by the Institute of Supply Management-Chicago improved by 5.9 points to 48.7 in August. This represents the third consecutive monthly increase and the highest level since August 2022.
Investors are waiting for the August jobs report on Friday.
Gold fell 2.2 percent in August.
Silver for December delivery fell 29.20 cents, or 1.16 percent, to close at 24.812 dollars per ounce. Platinum for October delivery fell 8.90 dollars, or 0.91 percent, to close at 974.40 dollars per ounce. ■