Investing.com - Gold prices remained lower on Thursday, albeit off the worst levels of the session, following the release of mixed data on durable goods orders and initial jobless claims.
On the Comex division of the New York Mercantile Exchange, gold for June delivery traded at $1,275.10 a troy ounce during U.S. morning hours, down 0.74%, or $9.50.
Prices fell to a session low of $1,268.60 an ounce earlier, the weakest level since February 10. Futures advanced 0.27%, or $3.50 an ounce, on Wednesday to settle at $1,284.60.
Gold was likely to find support at $1,265.00 a troy ounce, the low from February 10 and resistance at $1,302.05, the high from April 21.
Meanwhile, silver for May delivery traded at $19.30 an ounce, down 0.71%, or 13.8 cents. Prices slumped to $18.93 a troy ounce earlier, the lowest since December 31.
The Commerce Department reported that U.S. orders for long lasting manufactured goods rose 2.6% last month, ahead of expectations for a 2% gain.
Core durable goods orders, which exclude volatile transportation items, rose 2% in March, easily surpassing forecasts for a 0.6% gain.
Separately, the Labor Department said the number of people who filed for unemployment assistance in the U.S. last week rose by 24,000 to 329,000. Despite the increase the underlying trend indicated continued strength in the labor market.
Comex gold and silver prices have been under heavy selling pressure in recent weeks as upbeat U.S. economic data underlined expectations that the Federal Reserve will begin to raise rates sooner than previously thought.
Elsewhere in metals trading, copper for May delivery rallied 1.55%, or 4.8 cents, to trade at a seven-week high of $3.107 a pound, amid speculation demand in top consumer China will strengthen in the near-term
April and May are seasonally strong months for copper consumption in China amid brisk construction activity. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
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