Investing.com - Gold futures declined on Thursday, as markets awaited the release of highly anticipated U.S. economic reports later in the trading session. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,230.4 a troy ounce during European afternoon trade, down 1.35%. The February contract settled 2.16% higher on Wednesday to end at USD1,247.2 a troy ounce. Gold futures were likely to find support at USD1,211.10 a troy ounce, Wednesday's low and resistance at USD1,250.80, Wednesday's high. Gold prices had gained ground on Wednesday after payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 215,000 last month, blowing past expectations for an increase of 173,000. The previous month’s figure was revised up to a gain of 184,000 from a previously reported increase of 130,000. Investors were now eyeing the release of a U.S. economic growth data later Thursday as well as a jobs report on Friday, after a string of positive data over the week added to expectations the Federal Reserve will soon begin tapering its montly asset purchases. The Fed, which holds its next meeting on December 17-18, has said the timing of its tapering depends on the health of the labor and housing markets. Gold is down approximately 28% this year, heading for the first annual loss in 13 years, as solid U.S. economic data underlined expectations the Fed will begin curbing stimulus. Elsewhere on the Comex, silver for March delivery tumbled 2.12% to trade at USD19.410 a troy ounce, while copper for March delivery slid 0.62% to trade at USD3.229 a pound.

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