WASHINGTON (dpa-AFX) - Gold futures settled higher on Thursday as the dollar dropped its value after weak GDP data raised prospects of the Federal Reserve cutting interest rates early next year.
The dollar index dropped to 101.81 in early New York session, and was last seen hovering around 101.95, down nearly 0.5% from the previous close.
Gold futures for February ended higher by $3.60 at $2,051.30 an ounce.
Silver futures for March ended down $0.046 at $24.585 an ounce, while Copper futures for March settled at $3.9175 per pound, gaining $0.0115.
Data released by the Commerce Department showed the real gross domestic product jumped by 4.9% in the third quarter, reflecting a downward revision from the previously reported 5.2% increase. Economists had expected the pace of GDP growth to be unrevised.
A report from the Labor Department showed jobless claims in the U.S. crept up to 205,000 in the week ended December 16, an increase of 2,000 from a week earlier.
Jobless claims were expected to rise to 215,000 from the 202,000 originally reported for the previous week.
Meanwhile, a report from the Federal Reserve Bank of Philadelphia showed regional manufacturing activity contracted at an accelerated pace in the month of December.
The focus now is on the U.S core personal consumption expenditure (PCE) index data due on Friday.
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