- Gold and silver futures declined on Thursday, as market players looked ahead to key U.S. data later in the day to gauge the strength of the economy.

On the Comex division of the New York Mercantile Exchange, gold for August delivery dipped 0.8%, or $10.60, to trade at $1,312.00 a troy ounce during European morning hours. Futures held in a range between $1,309.10 and $1,320.60 an ounce.

Gold ended Wednesday’s session up 0.1%, or $1.30, to settle at $1,322.60. Prices were likely to find support at $1,276.20, the low from June 19 and resistance at $1,328.40, the high from April 15.

Also on the Comex, silver for September delivery lost 1.2%, or 25.3 cents, to trade at $20.91 a troy ounce. Prices hit $21.22 on Wednesday, the most since March 18.

Later in the day, the U.S. was to release data on personal income and spending, as well as the weekly report on initial jobless claims.

Losses were limited after U.S. first quarter growth was revised down sharply, bolstering expectations that the Federal Reserve will keep rates hold for longer.

The Commerce Department said Wednesday that the U.S. economy shrank at an annual rate of 2.9% in the first three months of the year, compared to the consensus forecast for a decline of 1.7%.

U.S. first quarter GDP was initially reported to have increased by 0.1%, but was subsequently revised to show a contraction of 1.0%.

The difference between the second and third estimate was the largest since records began in 1976, the Commerce Department said.

A separate report showed that U.S. durable goods orders fell 1.0% in May, the first decline in four months.

The weak data indicated that the Federal Reserve may need to keep rates on hold for an extended period to support the recovery.

Elsewhere in metals trading, copper for September delivery inched down 0.08%, or 0.3 cents, to trade at $3.164 a pound.

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