US gold ends down after U.S. data improves

NEW YORK, Sept 9 (Reuters) - U.S. gold futures settled
lower on Thursday, slipping after U.S. labor market data
and the U.S. trade gap both came in better than forecast,
then falling to a one-week low when corrective selling off
of recent highs triggered automatic sell orders.

* For the latest detailed report, click on [GOL/].

GOLD

* COMEX December gold futures GCZ0 slipped $6.60 to
close at $1,250.90 an ounce on the COMEX division of the
NYMEX.

* The range ran from $1,243.50 to $1,260.50.

* A day earlier, gold ran up to its highest since June
28. The all-time high on the December futures chart sits at
$1,270.60 per ounce.

* COMEX spot gold continuation contract's record level
is $1,264.80, hit on June 21.

* Volume increased somewhat, but was muted by this
week's Jewish holiday.

* COMEX estimated final gold volume at 120,323 lots.

* Gold fell modestly after improved U.S. economic data
were released - traders.

* New U.S. claims for unemployment benefits fell more
than expected last week to their lowest level in two
months, a hopeful sign for the troubled labor market.

* STORY: [ID:nN09173765] TABLE: [ID:nOAT004703]

* At the same time, the July U.S. trade deficit
narrowed more than expected, shrinking 14 percent, as
imports retreated and exports shot to their highest since
August 2008. The report lifted hopes for third-quarter
economic growth.

* STORY: [ID:nN08114427] TABLE: [ID:nCLA9KE648]

* Some analysts shrugged off the initial jobless claims
drop, noting that the ongoing unemployment benefit
claimants grew by about the same amount as first-time
filers fell.

* In addition, Tom Porcelli, U.S. economist, RBC
Capital Markets, New York said, "I think what we probably
need to bear in mind is the fly in the ointment in this is
the improvement captures the Labor Day holiday."

* Later, gold slid to a one-week low after oil had
firmed to a 3-week high, U.S. equities were up and the euro
edged down against the dollar, all factors that tend to
undermine demand for gold as a safe-haven asset - traders.

* "Gold was faltering on firmer equity markets and gold
being viewed as less needed from a safe-haven perspective
after the slightly stronger than expected U.S. data today
taking away some bids for the yellow metal," said David
Meger, Vision Financial Markets vice president and director
of metals trading in Chicago.

* Once $1,250 an ounce was hit on the way down,
stop-loss sell orders were set off, triggering selling to
the day's low - traders.

* "Technically, we saw a breach of the aggressive
uptrend. At levels below the previous low and then below
$1,250, we saw some stop-loss selling," a trader said.

* By the end, oil had nudged lower and equities were
only slightly higher, helping gold pull up from the lows.

* Gold bullion XAU= at $1,246.25 an ounce was off by
2:50 p.m. EDT (1850 GMT) Wednesday's late bid at $1,254.50
an ounce.

* Spot gold retreated further from previous session
attempts to reach the record at $1,264.90 set June 21.

* London afternoon gold fix XAUFIX= was set
moderately lower at $1,245.75 an ounce.

SILVER

* COMEX December silver SIZ0 lost 15.40 cents to
finish at $19.8550 an ounce.

* Range spanned $19.7550 to $20.0950 an ounce.

* Silver fell with both gold and other industrial
metals, all of which were correcting recent fast-paced
gains in relatively light dealings.

* On Wednesday, silver reached a high at $20.18, dating
back to July 2008.

* COMEX estimated final volume at 32,682 lots.

* Spot silver XAG= was down $19.80 in late New York
trade from $19.88 an ounce at Wednesday's close.

* London silver fix XAGFIX= was set lower at $19.97
an ounce.

PLATINUM

* NYMEX October platinum PLV0 was down $8.90 at
$1,553.30 an ounce.

* Platinum group metals increased with other industrial
metals - traders.

* Spot platinum XPT= was down at $1,546.0 in late New
York trade from $1,554.0 an ounce late on Wednesday.

PALLADIUM

* NYMEX December palladium PAZ0 finished $5.30 lower
at $521.80 an ounce.

* Spot palladium XPD= slipped to $519.0 from $522.0
an ounce previously.
Prices at 2:20 p.m. EDT (1820 GMT)

LAST/ NET PCT YTD

CLOSE CHG CHG CHG
US gold GCZ0 1250.90 -6.60 -0.5% 14.1%
US silver SIZ0 19.814 -0.164 0.0% 17.6%
US platinum PLV0 1553.30 -8.90 -0.6% 5.6%
US palladium PAZ0 520.60 -4.90 -0.9% 27.3%
Gold XAU= 1246.75 -7.50 -0.6% 13.7%
Silver XAG= 19.81 -0.07 -0.4% 17.6%
Platinum XPT= 1551.50 -2.50 -0.2% 5.9%
Palladium XPD= 520.50 -1.50 -0.3% 28.4%
Gold Fix XAUFIX= 1255.00 1.50 0.1% 13.7%
Silver Fix XAGFIX= 19.97 -5.00 -0.2% 17.5%
Platinum Fix XPTFIX= 1552.00 1.00 0.1% 5.9%
Palladium Fix XPDFIX= 523.00 1.00 0.2% 30.1%
(Reporting by Carole Vaporean; Editing by David Gregorio)