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Gold Seen Declining as Job Gain Damps Stimulus Prospects

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Gold Climbs as China’s Inflation Cools, Boosting Stimulus Hopes
Bars of gold weighing 2.5-ounces are displayed at the Silver Lake Resources Ltd. stand at the Diggers and Dealers mining forum in Kalgoorlie, Australia. Photographer: Sergio Dionisio/Bloomberg

Aug. 9 (Bloomberg) -- Gold advanced for the second straight day, tracking gains in equities and commodities, after a report showed U.S. jobless claims unexpectedly declined.

The Standard & Poor’s GSCI Spot Index of 24 raw materials climbed as much as 0.8 percent, while the MSCI All-Country World Index of equities rose as much as 0.4 percent after jobless claims fell by 6,000 to 361,000 in the week ended Aug. 4, Labor Department figures showed today. The median forecast of 43 economists surveyed by Bloomberg was an increase to 370,000.

“The equities are showing some strength, and the overall optimism about the U.S. economy is putting a little bit of a bid under commodities, including gold,” Adam Klopfenstein, a market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview.

Gold futures for December delivery climbed 0.3 percent to settle at $1,620.20 an ounce at 1:48 p.m. on the Comex in New York. Prices climbed 0.2 percent yesterday.

Silver futures for September delivery gained 0.1 percent to $28.097 an ounce in New York.

On the New York Mercantile Exchange, platinum futures for October delivery rose 0.2 percent to $1,412.80 an ounce. Palladium futures for September delivery advanced 20 cents to $586.70 an ounce.

To contact the reporter on this story: Debarati Roy in New York at droy5@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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