Gold And Silver See Light Profit-Taking

GOLD

Initial claims for state unemployment benefits held steady at a seasonally adjusted 224,000 for the week ending November 30, the Labor Department announced on Thursday. This number was higher than expected, as consensus estimates forecasted a reading of 215,000 claims. Gold sold off on this news, reaching a low of $2,622 per ounce before seeing bargain buying.

At 11am PT today, Gold is trading at $2,629 per ounce, down $21 on average volume.

SILVER

Silver also reacted negatively after the Jobless claim news. Silver reached a low of $30.97 per ounce before seeing buying that took the price back above the key $31 per ounce level.

At 11am PT today, Silver is down $0.12 per ounce, trading at $31.12 on normal volume.