Investing.com - Gold futures pushed higher on Thursday, after mixed U.S. economic data underlined uncertainty over the timing of a rate hike by the Federal Reserve.
Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $5.90, or 0.52%, to trade at $1,137.40 a troy ounce during U.S. morning hours.
A day earlier, gold prices inched up $6.70, or 0.6%, as steep losses in global equity markets boosted the appeal of the precious metal.
The Department of Labor said the number of individuals filing for initial jobless benefits increased by 3,000 last week to 267,000 from the previous week’s total of 264,000. Analysts had expected jobless claims to rise by 7,000 to 271,000.
At the same time, the Commerce Department said that total durable goods orders, which include transportation items, decreased 2.0% last month, matching forecasts. Orders for durable goods in July were revised to a gain of 1.9% from a previously reported increase of 2.2%.
Core durable goods orders, excluding volatile transportation items, were flat in September, compared to expectations for an increase of 0.1%.
Orders for core capital goods, a key barometer of private-sector business investment, declined 0.2% last month, worse than expectations for a 0.1% drop.
Shipments of core capital goods, a category used to calculate quarterly economic growth, decreased 0.2%, disappointing forecasts for a 0.5% gain.
Investors now looked ahead to a speech by Federal Reserve Chair Janet Yellen scheduled later in the day for additional clarity on the bank’s decision last week to leave interest rates on hold.
Federal Reserve Chair Janet Yellen is to speak on inflation dynamics and monetary policy at an event at the University of Massachusetts at 5:00PM ET on Thursday.
Market players will scrutinize her comments after the U.S. central bank left interest rates unchanged last week due to concerns over soft inflation and the effects of recent market volatility on the U.S. economy.
The timing of a rate hike in the U.S. has been a constant source of debate in the markets in recent months.
Gold fell to a five-and-a-half year low of $1,072.30 on July 24 amid speculation the Fed will raise interest rates for the first time since 2006 at some point this year.
Most market experts believe the Fed will begin raising rates in December after keeping policy steady last week.
Elsewhere in metals trading, copper for December delivery on the Comex division of the New York Mercantile Exchange shed 1.2 cents, or 0.51%, to trade at $2.284 a pound.
Futures fell to a four-week low of $2.273 earlier in the session as concerns over the health of China's economy dampened appetite for the red metal.
Private sector data released Wednesday showed that manufacturing activity in China contracted at the fastest pace since the global financial crisis, fueling fears over slackening demand for the industrial metal.
The preliminary reading of the Caixin manufacturing purchasing managers’ index fell to 47.0 in September from 47.3 a month earlier. It was the lowest reading since March 2009.
The gloomy figure added to concerns over the health of the world's second largest economy.
Copper prices have been under heavy selling pressure in recent weeks as fears of a China-led global economic slowdown spooked traders and rattled sentiment. Prices of the red metal sank to a six-year low of $2.202 on August 24.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.