Investing.com - Gold futures were higher on Thursday, rebounding off the previous session’s three-year low after a downward revision to U.S. first quarter growth dampened expectations that the Federal Reserve could begin to unwind its asset purchase program later this year. Fresh indications that the European Central Bank will maintain easy monetary policy provided further support. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,240.65 a troy ounce during European morning hours, up 0.8% on the day. Comex gold prices rose by as much as 1.1% earlier in the session to hit a daily high of USD1,244.15 a troy ounce. On Wednesday, gold prices slumped more than 4% to touch a low of USD1,221.55 a troy ounce, the weakest level since August 24, 2010. Gold futures were likely to find near-term support at USD1,221.55 a troy ounce, the previous session’s low and resistance at USD1,262.15, the high from September 8, 2010. The Commerce Department said Wednesday that U.S. gross domestic product expanded at an annual rate of 1.8% in the three months to March, below an earlier estimate of 2.4% growth. Economists had expected the rate of growth to remain unchanged at 2.4%. The disappointing data eased fears the Fed will begin to taper its bond purchase program in the coming months. 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. The U.S. was to release the weekly government report on initial jobless claims and a report on pending home sales later Thursday. Gold prices lost 6.8% last week, the worst weekly decline since September 2011, after Fed Chairman Ben Bernanke said that the bank could begin tapering asset purchases by the end of 2013 if the economy continues to pick up. Meanwhile, the ECB reiterated that an exit from exit from accommodative monetary policy remained distant. ECB President Mario Draghi said Wednesday that monetary policy will remain accommodative for the foreseeable future. Gold can benefit from such an environment of easy money because of expectations that ample liquidity would put a damper on the value of paper currencies. Elsewhere on the Comex, silver for September delivery rose 0.7% to trade at USD18.74 a troy ounce. On Wednesday, silver futures fell more than 5% to hit a low of USD18.39 a troy ounce, the cheapest level since August 25, 2010. Meanwhile, copper for September delivery tacked on 0.6% to trade at USD3.059 a pound. The red metal found support after official data showed that profits at China’s industrial companies jumped 15.5% in May from a year earlier, higher than April’s 9.3% gain. China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

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