Darren Kugler
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Darren Kugler in Commodities,

Gold posts biggest drop in 13 months

Lower jobless claims bolster rate hike scenario

Gold posted its biggest daily percentage drop in 13 months on Thursday as U.S. jobless claims fell sharply, bolstering the Federal Reserve’s commitment to tightening monetary policy later in the year.

Gold for February delivery GCG5, +0.71% skidded $31.30, or 2.4%, to settle at $1,254.60 an ounce, while March silver futures SIH5, +1.14% shed $1.32, or 7.3%, to $16.77 an ounce.