Gold up on falling US equities

Gold futures on the COMEX division of the New York Mercantile Exchange rose Thursday on a sharp drop in the U.S. equities.

The most active gold contract for December delivery rose 2.4 dollars, or 0.2 percent, to settle at 1,221.9 dollars per ounce.

Gold rose as U.S. equities fell sharply after a report released by the U.S. Department of Commerce Thursday showed orders for durable goods decreased in August after a good month in July. New factory orders for durables fell a monthly 18.2 percent in August, which was worse than expected.

Another report released by the U.S. Department of Labor in the same day added an additional support to gold. The report showed that the claims for unemployment benefits in the U.S. increased by 12,000 to a seasonally adjusted 293,000 for the week ending Sept. 20.

Silver for December delivery went down 26.4 cents, or 1.49 percent, to close at 17.438 dollars per ounce. Platinum for October delivery lost 5.2 dollars, or 0.39 percent, to close at 1, 314.2 dollars per ounce.