Gold prices fell for the second straight day Thursday as optimism about the US economy grew and investors funneled money into stocks and oil. Investors grew more upbeat about the economy after the Labor Department said jobless claims fell more than expected to 550,000 last week. The stock market logged its fifth straight gain. The Dow Jones industrial average rose 80 points to its highest close since November. The drop in gold came as the dollar extended its slide to a new annual low against the euro. Growing confidence about the global economy is easing demand for the safety of the greenback. Gold for December delivery fell 30 cents to settle $996.80 an ounce on the New York Mercantile Exchange. On Tuesday, gold rose above $1,000 to its highest level since mid-March last year. As recently as Aug. 27, gold finished below $950. December silver rose 20 cents to $16.67 an ounce, while Copper and aluminum fell. In other trading, light, sweet crude for October delivery rose 63 cents to settle at $71.94 a barrel on the New York Mercantile Exchange. Meanwhile, gasoline for October delivery fell 2.45 cents to $1.8036 a gallon and heating oil fell about a half cent to $1.7885 a gallon. Grain prices were mixed on the Chicago Board of Trade. December wheat futures rose 2.50 cents to $4.5875 a bushel. Corn for December delivery rose 5.50 cents to $3.1525 a bushel and November soybeans fell 2 cents to $9.2650 a bushel. Among other soft commodities, cotton, cocoa and sugar rose, while coffee fell.
