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Gold falls more than 2% on rising dollar
Gold prices fell on Thursday, as the US dollar rose against most currencies, lifted by upbeat US economic data.
The US retail sales index rose 0.7% in August, beating forecasts of a drop by 0.7%.
The core retail sales reading (excluding food and fuel prices) rose 1.8%, beating forecasts of a drop by 0.1%.
The US Department of Labor revealed that the number of initial unemployment claims was at 332K last week from 325K, lower than forecasts of 332K.
The dollar index rose against a basket of major currencies by 0.4% to 92.9 points as of 17:19 GMT, after hitting a high of 92.9 points and a low of 92.4 points.
As of 17:20 GMT, gold spot prices fell 2.2% to $1,755.8 an ounce, after hitting a high of $1,797.3 and a low of $1,745.5.
Dollar keeps gains on upbeat data
The US dollar rose against most currencies on Thursday, lifted by upbeat US economic data.
MoreUS retail sales exceed forecasts in August
At 12:30 GMT, the US economy released its reading for the retail sales index , which fell 0.7% in August, beating forecasts of drop by 0.7%, and better than the previous reading of a drop by 1.8% after it was revised from 1.1%.
MoreUS unemployment claims worse than expected
At 12:30 GMT, the US Department of Labor showed that the unemployment claims were at 332K during the week ending in September 10, worse than forecasts of 325K, and worse than the previous reading of 312K. This data is negative for the US dollar.
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