WASHINGTON (dpa-AFX) - Gold inched higher on Friday as the dollar retreated in European trade, giving back some of the previous session's gains after strong data painted a resilient picture of the world's largest economy.
Spot gold edged up 0.3 percent to $1,797.01 per ounce, while U.S. gold futures were up half a percent at $1,804.85.
U.S. economic activity unexpectedly jumped more than previously estimated in the third quarter, bolstering the case for further monetary tightening from the Federal Reserve in the coming months.
Revised data from the Commerce Department showed that the surge in real gross domestic product in the third quarter was upwardly revised to 3.2 percent from the previously reported 2.9 percent. Economists had expected the pace of GDP growth to be unrevised.
Separate data from the Labour Department showed a modest increase in first-time claims for U.S. unemployment benefits in the week ended December 17th.
The report said initial jobless claims crept up to 216,000, an increase of 2,000 from the previous week's revised level of 214,000.
An inflation reading said to be preferred by the Fed along with U.S. reports on durable goods orders, new home sales and consumer sentiment may sway markets later in the day.
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