Investing.com - Gold futures rose 1% to hit a one-week high on Thursday, as disappointing U.S. economic data dampened speculation over whether the Federal Reserve will unwind its easing program. Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,405.55 a troy ounce during U.S. morning hours, up 1% on the day. Comex gold prices rose by as much as 1.3% earlier in the session to hit a daily high of USD1,410.25 a troy ounce, the strongest level since May 22. Gold futures were likely to find support at USD1,353.55 a troy ounce, the low from May 22 and near-term resistance at USD1,413.05, the high from May 22. The Department of Labor said the number of people who filed for unemployment assistance in the U.S. rose by 10,000 to a seasonally adjusted 354,000 last week, compared to expectations for a decline of 4,000 to 340,000. Meanwhile, the Commerce Department said U.S. first quarter gross domestic product was revised down to 2.4% from a preliminary reading of 2.5%. Analysts had expected an unchanged reading. The U.S. dollar came under broad selling pressure as expectations grew the Fed would keep its loose monetary policy. The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, declined 0.25% to trade at 83.46, the weakest level since May 14. Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. Elsewhere on the Comex, silver for July delivery rallied 1.25% to trade at USD22.73 a troy ounce, while copper for July delivery eased up 0.1% to trade at USD3.300 a pound.

Source