WASHINGTON (dpa-AFX) - Gold prices climbed to a record high on Thursday as the dollar shed ground after data showed U.S. economic growth slowed in the fourth quarter.
The Federal Reserve's decision to leave interest rates unchanged supported the yellow metal.
Uncertainty about U.S. President Donald Trump's tariff policies weighed on greenback.
The dollar index fell to 107.50 after the release of U.S. GDP data, but recovered some lost ground as the day progressed. The index was last seen at 107.84, down from previous close of 108.00.
Gold futures for February closed up $53.20 or nearly 2% at $2,823.00 an ounce, largest advance in dollar as well percentage terms.
Silver futures for February ended higher by $1.1000 or about 3.5% at $32.364 an ounce, while Copper futures for February closed up $0.028 or 0.68% at $4.312 an ounce.
In U.S. economic news, the Commerce Department released a report showing U.S. economic growth in the fourth quarter of 2024 fell short of economist estimates.
The report said gross domestic product shot up by 2.3% in the fourth quarter after surging by 3.1% in the third quarter. Economists had expected GDP to jump by 2.6%.
The Commerce Department said the GDP growth in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment.
Meanwhile, a separate report released by the Labor Department showed first-time claims for U.S. unemployment benefits pulled back by more than expected in the week ended January 25th, falling to 207,000, a decrease of 16,000 from the previous week's unrevised level of 223,000. Economists had expected jobless claims to slip to 220,000.
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