All Precious Metals Hit After Better Than Expected Economic Data

San Francisco (May 15)  Gold prices are settling lower after a batch of economic reports led traders to drop the yellow metal.

Gold for June delivery fell $12.30 to settle at $1,293.60 an ounce. Silver for July slipped 29 cents to $19.48 an ounce.

Platinum drooped $7 to $1467, while palladium was hammered down $17 to $811.

The federal government said the number of people who filed for unemployment benefits fell to its lowest level in seven years last week. Meanwhile, the European Union's official statistics agency said the region's economy expanded at slower pace than economists had forecast. The economic news helped support the dollar, pressing gold and other metals down.