Gold marks lowest settlement in almost five weeks

Gold futures settled at a nearly five-week low on Thursday, with prices dropping below the support level of $1,180 an ounce after data showed the number of workers making first-time claims for jobless benefits fell again.

Gold for August delivery on Comex GCQ5, +0.18% lost $9.70, or 0.8%, to settle at $1,175.20 an ounce. That was the lowest settlement for a most-active contract since May 1.

July silver SIN5, +0.26%  fell 37.7 cents, or 2.3%, to $16.103 an ounce.

Gold’s recent declines can be attributed to a “combination of factors,” including “a near resolution of the Greek debt drama, no follow through from equity-market volatility, stronger U.S. economic data and general confusion over the [Federal Reserve’s] direction regarding interest rates in the very short term,” said Richard Gotterer, managing director and senior financial adviser at Wescott Financial Advisory Group.

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