Spot Gold Prices Lose Some Support

NEW YORK (TheStreet) -- Spot gold prices were falling ahead of the Thanksgiving holiday as the safe haven asset lost some appeal on news that China was further tightening its money supply and the latest initial jobless claims numbers helped spur the stock market Wednesday.

That and the latest consumer sentiment data, which were shown to have jumped ahead of Thanksgiving, helped boost equities in thin trading. Earlier in the week, the yellow metal's safe haven traits had drawn in investors as geopolitical concerns weighed on their minds, particularly the attack by North Korea on South Korea and the spotlight on Ireland's ailing financial system, with the ongoing European Union debt contagion fears as a backdrop.

New York spot gold prices were shrugging off $2.40, or 0.2%, to $1,374.10 about an hour before the spot market's close on Wednesday.

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