Gold down on profit taking

CHICAGO -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as traders reacted to the US Federal Reserve's statement.

The most active gold contract for December delivery fell $20.6, or 1.05 percent, to close at $1,949.9 per ounce.

Fed's statement released after the market's close on Wednesday indicates that rates would stay near zero through 2023 to help the US economy. This may prove bullish for gold over the long term, market analysts hold, but investors may be selling gold to take profit on better economic view from the Federal Reserve.

Economic figures released on Thursday were mixed. The US Department of Labor's report put weekly initial jobless claims at 860,000 in the week ending Sept 11, better than expected and dampening gold.

The Philadelphia Federal Reserve reported that its manufacturing index fell to 15 in September from a reading of 17.2 in August.

Silver for December delivery fell 37.6 cents, or 1.37 percent, to close at 27.1 dollars per ounce. Platinum for October delivery fell $42.6, or 4.38 percent, to close at $930.9 per ounce.