Gold fell 1 percent to a six-week low on Thursday, ignoring sharp losses in the S&P 500 equities index, as strong US wage growth data and signs of an improving job market reduced the need for safe-haven buying. Spot gold fell 1 percent to $1,282.15 an ounce by 2:08 pm EDT (1628 GMT). Earlier, it hit its lowest since June 19 at $1,280.76 an ounce. The metal notched a 3.4 percent drop for the month, reversing a gain of around six percent in June, when geopolitical tensions between the West and Russia over Ukraine triggered buying.
US gold futures for December delivery settled down $14.10 at $1,282.80 an ounce. Among other precious metals, spot silver was down 1 percent to $20.38 an ounce. Platinum fell 1.1 percent to $1,457 an ounce, while palladium dropped 0.9 percent to $868.26 an ounce.