CHICAGO, May 5 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as U.S. stocks fell sharply.

       The most active gold contract for June delivery rose 6.9 U.S. dollars, or 0.37 percent, to close at 1,875.7 dollars per ounce.

       The market is also digesting the Federal Reserve's 0.5-percent rate hike on Wednesday. Federal Reserve Chairman Jerome Powell at a news conference on Wednesday ruled out a 0.75-percent interest rates hike in the immediate future, which took steam out of market speculation that the Federal Reserve would further ratchet up its pace of tightening.

       Economic data released on Thursday also supported gold. U.S. Labor Department reported that U.S. initial jobless claims rose by 19,000 to 200,000 in the week ending April 30.

       U.S. Labor Department reported that U.S. nonfarm productivity plunged at a 7.5-percent annualized rate in the first quarter, the deepest fall since the third quarter of 1947.

       Silver for July delivery rose 4.1 cents, or 0.18 percent, to close at 22.443 dollars per ounce. Platinum for July delivery fell 6.2 dollars, or 0.63 percent, to close at 973.4 dollars per ounce.