Investing.com - Gold prices remained below the key $1,300-level on Thursday, after data showed that U.S. jobless claims fell to the lowest level since late November last week, while another report showed that U.S. economic fourth quarter growth was revised higher.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery fell to a session low of $1,292.10 a troy ounce, the weakest level since February 13.
Gold last traded at $1,296.80 an ounce during U.S. morning hours, down 0.51%, or $6.60. Futures lost 0.61%, or $8.00, on Wednesday to settle at $1,303.40 an ounce.
Prices were likely to find support at $1,286.30 a troy ounce, the low from February 13 and resistance at $1,317.00, the high from March 26.
Meanwhile, silver for May delivery fell to $19.58 a troy ounce earlier in the day, the lowest since February 5, before trimming losses to last trade at $19.70, down 0.39%, or 7.7 cents.
Silver ended Wednesday’s session down 1%, or 19.9 cents, to settle at $19.78 an ounce. Futures were likely to find support at $19.43 a troy ounce, the low from February 5 and resistance at $20.14, the high from March 26.
Official data showed that U.S. gross domestic product was revised up to 2.6% in the final three months of 2013, from a preliminary estimate of 2.4%. Market expectations had been for an upward revision to 2.7%.
The report showed that personal spending was revised up to 3.3% from 2.6% initially, the fastest rate of growth in three years.
Separately, the Labor Department said the number of people who filed for initial jobless benefits in the U.S. last week declined by 10,000 to a seasonally adjusted 311,000 from the previous week’s revised total of 321,000. Analysts had expected jobless claims to rise by 4,000.
The upbeat data added to hopes that the slowdown in economic activity seen at the start of the year would be temporary.
Also Thursday, the National Association of Realtors said its pending home sales index dropped by a seasonally adjusted 0.8% last month, disappointing expectations for a 0.3% gain.
Gold and silver have been under heavy selling pressure in recent sessions amid growing expectations that the Federal Reserve will raise interest rates sooner than expected.
Market watchers brought forward expectations for a rate increase by U.S. central bank after Fed Chair Janet Yellen suggested last week that a rate hike might come about six months after the bank’s stimulus program ends, which is expected to happen in the fall.
Elsewhere on the Comex, copper futures for May delivery rose 0.88%, or 2.6 cents, to trade at $2.992 a pound.
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