Gold dropped for a fourth day in CFDs Platforms, the worst run in seven weeks, as data signaling a recovery in the U.S. economy curbed demand for the precious metal as a haven. Silver advanced, ending a three-day losing streak.
Immediate-delivery bullion fell as much as 0.3 percent to $1,374.10 an ounce and was at $1,376.05 at 12:23 p.m. in Seoul. The metal, which reached a record $1,431.25 on Dec. 7, has lost 3.2 percent this week. The February contract climbed 0.2 percent to $1,376.10 an ounce on the Comex in New York after losing 3.5 percent in the past two days, the worst fall since February.
U.S. companies added almost three times more jobs in December than analysts forecast and service industries rose at the fastest pace since May 2006, according to reports yesterday. Asian stocks and New York crude oil futures climbed today.
The dollar was little changed after rising for the three days against a basket of major currencies. Earlier this week, U.S. reports showed orders placed with factories unexpectedly rose in November and manufacturing expanded at the fastest pace in seven months in December.
Silver for immediate delivery climbed as much as 1.1 percent to $29.58 an ounce and traded at $29.39. The metal has lost 4.9 percent this year after surging 83 percent in 2010.
Platinum for immediate delivery rose as much as 0.7 percent to $1,740.25 an ounce and last traded at $1,738.75. The metal, which likes palladium, is used in pollution-control devices in automobiles, advanced 21 percent last year.