Commodity Market Update : Epic Research Malaysia

Gold prices extended a slide Thursday to finish at a two-month low settlement after a larger-than-expected drop in first-time U.S. jobless claims added to worries the Federal Reserve could move more quickly than anticipated to tighten monetary policy in response to an improving labor market.

Gold for December delivery GCZ4, +0.40% dropped $19.80, or 1.5%, at $1,275.40 an ounce. It hit an intraday low of $1,274 after the Labor Department said initial claims fell by 14,000 to 298,000 in the week ended Aug. 16. Economists had been looking for a figure of 300,000.

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