Gold drops to six-week lows on U.S. economic optimism

Gold prices fell to six-week lows on Thursday, as hopes that Friday's U.S. jobs report will come in solid chipped away at the precious metal's safe-haven appeal.

Gold futures for December delivery traded at 1,284.20 a troy ounce during U.S. trading, down 0.98%, up from a session low of $1,282.10 and off a high of $1,298.60.The December contract settled down 0.28% at $1,296.90 on Wednesday.

Gold continued to slide as the dollar continued to see support from Thursday's upbeat U.S. gross domestic product report.

Earlier Thursday, the Labor Department reported that the number of individuals filing for unemployment assistance in the U.S. last week rose by 23,000 to 302,000 from the previous week's total of 279,000. Analysts had expected jobless claims to rise by 22,000 to 301,000.

The U.S. GDP expanded at an annual rate of 4.0% in the three months to June, blowing past forecasts for a 3.0% reading, according to the Commerce Department. The contraction in the first quarter was revised to 2.1% from a previously reported 2.9%.

Upbeat U.S. indicators have bolstered the U.S. dollar in recent sessions, thus curbing for gold, a traditional safe-haven hedge against weakening paper currencies.

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