Gold edges lower as U.S. dollar strengthens

Chicago (Nov 27)  Gold futures settled lower at their lowest level since early July, pressured by strength in the dollar after a deluge of U.S. economic data, including a gauge on Chicago-area businesses that came in better than expected.

February gold shed 0.3 percent to finish at $1,237.90 an ounce on the Comex division of the New York Mercantile Exchange. That was the lowest settlement price since July 8, according to FactSet data tracking the most-active contracts.

A leading economic index climbed in October by 0.2 percent to 97.5. And applications for unemployment benefits fell for the sixth time in seven weeks, with claims falling by 10,000 to 316,000 in the week ended Nov. 23.

A gauge of Chicago-area businesses fell to 63 in November, but was better than the market expected.

Durable-goods orders dropped 2 percent in October, compared with expectations for a decline of 2.2 percent.

In other metals, March silver fell 1.1 percent to $19.68 an ounce.

March copper ended at $3.19 a pound, down almost 0.9 percent. January platinum fell 1.4 percent to $1,352.70 an ounce and March palladium declined 0.4 percent to $715.95 an ounce.

Trading on Comex will be closed tomorrow for the Thanksgiving holiday and there's an abbreviated session set for Friday.