Investing.com - Gold futures were little changed on Thursday, as investors awaited the release of revised U.S. second quarter economic growth data later in the day for a fresh reading on the strength of the economy.
Gold for December delivery on the Comex division of the New York Mercantile Exchange inched up $1.10, or 0.1%, to trade at $1,125.70 a troy ounce during European morning hours.
The U.S. Commerce Department will publish its second estimate on second quarter growth figures at 8:30AM ET on Thursday.
Market analysts expect the data to show that the economy grew 3.2% in the three months ended June 30, up from a preliminary estimate of 2.3%, as an improvement in consumer spending and housing offset the drag from the energy sector.
The U.S. will also release a weekly report on initial jobless claims as well as data on pending home sales for July, amid expectations for an increase of 1.0% after falling 1.8% a month earlier.
Data on Wednesday showed that core capital goods orders, a closely watched proxy for business spending, rose 2.2% last month, the biggest increase since June last year.
Investors also looked ahead to the Federal Reserve's annual meeting of top central bankers and economists in Jackson Hole, Wyoming, due to begin later Thursday.
While Fed chair Janet Yellen is not expected to attend, Fed Governor Stanley Fischer is scheduled to participate in a panel discussion about U.S. inflation developments on Saturday.
His comments will be closely watched for further hints regarding the strength of the economy and on the timing of a Fed rate hike.
On Wednesday, New York Fed President William Dudley said that the case for a rate hike in September is "less compelling" given international developments and volatility in financial markets. Dudley is a voting member of the Federal Open Market Committee.
Minutes of the central bank's July meeting published last week showed that Fed officials expressed broad concerns about lagging inflation and the weak global economy.
China's slowing economy and global market turmoil have created fresh uncertainty over whether the U.S. central bank will start hiking interest rates next month.
The timing of a Fed rate hike has been a constant source of debate in the markets in recent months.
Some traders believe the Fed could postpone raising interest rates until December as officials are likely to remain concerned over global growth and inflation pressures due to China’s shock currency devaluation move and weak commodity prices.
The turmoil in markets began when China unexpectedly devalued the yuan on August 11, sparking fears over the condition of the economy.