Investing.com - Gold futures pared gains on Thursday, coming off the highest levels of the session after official data showed that U.S. jobless claims fell broadly in line with expectations last week, while consumer spending increased last month.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,231.05 a troy ounce during U.S. morning hours, up a modest 0.1% on the day.
Comex gold prices rose by as much as 1.1% earlier in the session to hit a daily high of USD1,244.15 a troy ounce.
Gold futures were likely to find near-term support at USD1,221.55 a troy ounce, the previous session’s low and a three-year low and resistance at USD1,262.15, the high from September 8, 2010.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week fell by 9,000 to a seasonally adjusted 346,000, compared to expectations for a drop of 10,000 to 345,000.
A separate report showed that U.S. personal spending was up 0.3% in May, in line with expectations. The data also showed personal income increased 0.5%, above expectations for a 0.2% increase.
On Wednesday, gold prices plunged more than 4% to touch a low of USD1,221.55 a troy ounce, the weakest level since August 24, 2010, amid speculation the Fed will begin to taper its bond purchase program in the coming months.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.
Gold prices lost 6.8% last week, the worst weekly decline since September 2011, after Fed Chairman Ben Bernanke said that the bank could begin tapering asset purchases by the end of 2013 if the economy continues to pick up.
Elsewhere on the Comex, silver for September delivery rose 0.5% to trade at USD18.70 a troy ounce. On Wednesday, silver futures fell more than 5% to hit a low of USD18.39 a troy ounce, the cheapest level since August 25, 2010.
Meanwhile, copper for September delivery tacked on 0.2% to trade at USD3.046 a pound.
The red metal found support after official data showed that profits at China’s industrial companies jumped 15.5% in May from a year earlier, higher than April’s 9.3% gain.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,231.05 a troy ounce during U.S. morning hours, up a modest 0.1% on the day.
Comex gold prices rose by as much as 1.1% earlier in the session to hit a daily high of USD1,244.15 a troy ounce.
Gold futures were likely to find near-term support at USD1,221.55 a troy ounce, the previous session’s low and a three-year low and resistance at USD1,262.15, the high from September 8, 2010.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week fell by 9,000 to a seasonally adjusted 346,000, compared to expectations for a drop of 10,000 to 345,000.
A separate report showed that U.S. personal spending was up 0.3% in May, in line with expectations. The data also showed personal income increased 0.5%, above expectations for a 0.2% increase.
On Wednesday, gold prices plunged more than 4% to touch a low of USD1,221.55 a troy ounce, the weakest level since August 24, 2010, amid speculation the Fed will begin to taper its bond purchase program in the coming months.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.
Gold prices lost 6.8% last week, the worst weekly decline since September 2011, after Fed Chairman Ben Bernanke said that the bank could begin tapering asset purchases by the end of 2013 if the economy continues to pick up.
Elsewhere on the Comex, silver for September delivery rose 0.5% to trade at USD18.70 a troy ounce. On Wednesday, silver futures fell more than 5% to hit a low of USD18.39 a troy ounce, the cheapest level since August 25, 2010.
Meanwhile, copper for September delivery tacked on 0.2% to trade at USD3.046 a pound.
The red metal found support after official data showed that profits at China’s industrial companies jumped 15.5% in May from a year earlier, higher than April’s 9.3% gain.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.