Investing.com - Gold prices posted hefty gains on Thursday after mixed U.S. economic indicators kept expectations going for many that the Federal Reserve may wait until December to begin tapering stimulus measures as opposed to September. Monetary stimulus programs such as the Fed's USD85 billion in monthly asset purchases tend to weaken the dollar by driving down long-term interest rates, which makes gold an attractive venue as long as such tools remain in place. Gold and the dollar tend to trade inversely from one another. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,364.80 during U.S. afternoon hours, up 2.35%. Gold prices hit a session low of USD1,318.10 a troy ounce and high of USD1,367.80 a troy ounce. The December contract settled up 0.98% at USD1,333.40 a troy ounce on Wednesday. Gold futures were likely to find support at USD1,315.40 a troy ounce, Wednesday's low, and resistance at USD1,391.35, the high from June 17. Mixed data sent gold prices soaring in the U.S. The Department of Labor reported earlier that weekly jobless claims in the U.S. fell to their lowest level since January 2008 last week, dropping by 15,000 to 320,000. The Department of Labor also revealed that the U.S. consumer price index rose 0.2% in July from June and 2.0% from July of last year, in line with analysts' forecasts. The core consumer price index, which is stripped of volatile food and energy costs, also rose 0.2% in July from June and 1.7% on year, also matching consensus forecasts. The data reinforced views held by many the economic recovery may be strong enough to prompt the U.S. Federal Reserve to announce plans to taper its monthly USD85 billion bond-buying program this year, though soft output data dampened recent expectations for tapering to begin at the Fed's September meeting. U.S. industrial production came in flat in July, according to the Federal Reserve, missing expectations for a 0.3% increase. A separate Federal Reserve report revealed that manufacturing activity in the Philadelphia-region of the U.S. expanded at its slowest pace in four months in August, while manufacturing activity in New York state fell unexpectedly. The Philadelphia Fed Manufacturing Index fell to 9.3 in August from 19.8 in July, falling far short of market forecasts for a 15.0 reading. The Federal Reserve's New York Empire State Manufacturing Index fell to 8.24 in August from 9.46 in July, defying expectations for a gain to 10.00. Meanwhile, bloody clashes between supporters of Egypt's ousted President Mohamed Morsi and Egyptian security forces ruffled feathers globally by stoking fears that tensions may spread and involve the country's oil-rich neighbors. With little data out of Europe or elsewhere on Wednesday to bolster other major currencies, gold enjoyed safe-haven demand from those concerned with Middle East unrest and U.S. monetary uncertainty. Elsewhere, gold saw added demand on reports of rising physical demand in Asia. Also on the Comex, silver for September delivery was up 5.84% at USD23.060 a troy ounce, while copper for September delivery was up 0.27% and trading at USD3.349 a pound.

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