Gold Futures Turn Lower

The news prompted different responses in the foreign exchange markets, with the greenback firm against the euro, but down in trading with the yen. One dollar was buying 117.59 yen, compared with 118.41 yen late Wednesday. The euro was worth $1.3195 vs. $1.3234 previously.

In the precious metals patch, HSBC Securities trimmed back its stock price target on Randgold Resources(GOLD Quote) to $28 a share from $30.75. The stock slid 1.8% to $22.48.

Elsewhere, Matrix Research upped its rating on silver producer Coeur d'Alene Mines(CDE Quote) to a buy from hold. Still, the stock was off 1.6%.

As for base metals, copper contracts were virtually unchanged at $2.75 a pound.

"We've seen good buying overnight from the Chinese," says Robin Bhar, a base metals analyst at UBS in London. However, the rally does seem to have prompted some fund selling, he adds.