Gold Drops in New York as Growth Outlook Curbs Demand

Gold capped the biggest decline in almost two weeks after a drop in U.S. jobless claims signaled an improving outlook for economic growth and curbed demand for the precious metal as a haven asset.

Applications for unemployment insurance payments decreased by 5,000 to 330,000 in the week ended Jan. 19, the fewest since the same week in 2008, the Labor Department reported today. Economists forecast 355,000 claims, according to the median estimate in a Bloomberg survey.