Investing.com - Gold prices turned lower on Thursday with markets remaining calm as banks reopened in Cyprus, following a two-week closure, dampening the safe haven appeal of the precious metal.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were down 0.58% to USD1,597.85 per troy ounce.
Market sentiment recovered as banks in Cyprus reopened for the first time in almost two weeks with strict capital controls in place.
Cypriot banks had been closed since March 16 amid fears of a bank run while bailout talks were under way.
But investors remained wary that the bailout deal for Cyprus could set a precedent for future bailouts in larger euro zone states, with big bank depositors and senior bond holders forced to suffer losses.
Elsewhere, Italy saw borrowing costs rise amid growing doubts over whether a stable coalition government can be formed amid an ongoing political deadlock.
In the U.S., official data showed that the number of people who filed for initial unemployment assistance rose by 16,000 to a seasonally adjusted 357,000 last week, compared to expectations for an increase to 340,000, indicating that the recovery in the labor market could be losing momentum.
A separate report showed that gross domestic product expanded at an annual rate of 0.4% in the three months to December, lower than forecasts for a 0.5% expansion.
The growth rate was the slowest since the first quarter of 2011, but was higher than initial estimates for growth of 0.1%.
Elsewhere, Comex silver for May delivery was down 0.37% to USD28.502 per ounce while copper for May delivery dipped 0.01% to USD3.443 per ounce.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were down 0.58% to USD1,597.85 per troy ounce.
Market sentiment recovered as banks in Cyprus reopened for the first time in almost two weeks with strict capital controls in place.
Cypriot banks had been closed since March 16 amid fears of a bank run while bailout talks were under way.
But investors remained wary that the bailout deal for Cyprus could set a precedent for future bailouts in larger euro zone states, with big bank depositors and senior bond holders forced to suffer losses.
Elsewhere, Italy saw borrowing costs rise amid growing doubts over whether a stable coalition government can be formed amid an ongoing political deadlock.
In the U.S., official data showed that the number of people who filed for initial unemployment assistance rose by 16,000 to a seasonally adjusted 357,000 last week, compared to expectations for an increase to 340,000, indicating that the recovery in the labor market could be losing momentum.
A separate report showed that gross domestic product expanded at an annual rate of 0.4% in the three months to December, lower than forecasts for a 0.5% expansion.
The growth rate was the slowest since the first quarter of 2011, but was higher than initial estimates for growth of 0.1%.
Elsewhere, Comex silver for May delivery was down 0.37% to USD28.502 per ounce while copper for May delivery dipped 0.01% to USD3.443 per ounce.