NEW YORK (TheStreet) — Spot gold prices were lackluster on Thursday upon the surprise outcome in the Chicago Purchasing Managers’ Index and to a certain degree the decline in jobless claims.

Spot silver prices, which are frequently viewed as a cheaper alternative to gold, were also softer upon the surprise economic numbers. The dollar index was gaining ground after the surprise reports tempered expectations that the Federal Reserve will bring interest rate even lower. By Thursday afternoon, the dollar was trading at $78.76.

Although many investors believe that gold prices should hit around $1,400 by year-end, Kitco analyst Jon Nadler veers on the cautious side, believing that it would be difficult for the yellow metal to reach the mid-$1,300 range in the absence of “very dire news.” However, if gold can get past the mid-$1,300 hurdle and even achieve the $1,375 to $1,385, “that would be more than enough for gold this year,” he said….

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Originally from TheStreet