Gold Slips Away From Record High As Dollar Rebounds

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Gold prices moved lower on Thursday and backed off its record highs as the dollar bounced back versus the euro.

December gold moved to $1,103.80, down $10.80 on the session. Prices had earlier hit as low as $1,102.80 after earlier touching a new record $1,123.40.

The dollar rose to a four-day high against the euro after testing a 15-month low against the euro earlier this week. The dollar remained stable versus the pound.

Traders considered comments from President Obama, who said the recent economic growth has not yet resulted in needed job growth. The president also said a forum on jobs and job growth will be held next month.

On the economic front, a Labor Department report showed that initial jobless claims fell to 502,000 from the previous week's revised figure of 514,000. Economists had been expecting claims to edge down to 510,000 from the 512,000 originally reported for the previous week.

More economic data is coming tomorrow. Import and export price data is due at 8:30 a.m. ET for the month of October. At the same time, trade balance data will also be made public.

A little before 10 a.m. ET, the University of Michigan and Reuters will report its preliminary November consumer sentiment report. A reading of 71.0 is forecast, compared to a 70.6 in October.

At 10:30 a.m. ET, Chicago Federal Reserve Bank President Charles Evans will participate in a panel discussion with Bank of France Gov. Christian Noyer in Paris.

(Market News Provided by RTTNews)