Metals Stocks: Gold turns lower for week after upbeat U.S. economic data

Gold futures moved sharply lower Thursday, registering their lowest finish in a week, pressured by a batch of upbeat U.S. domestic data as equities traded broadly higher, dulling the appeal of the haven metal.

“A good rebound in the U.S. stock market this week has boosted trader and investor risk appetite, which is bearish for the safe-haven metals,” said Jim Wyckoff, senior analyst at Kitco.com.

Benchmark U.S. stock indexes climbed Thursday, with the Dow Jones Industrial Average DJIA, +0.78% up over 200 points, or 0.9% as gold futures settled, getting a lift after some better-than-expected earnings from Walmart Inc.

>>> Original Source <<<