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Gold prices showed a lack of direction over the course of the trading day on Thursday, eventually ending the session moderately higher. With the choppy trading, the price of gold remained stuck in a recent trading range.
After ending the previous session down $0.20 at $945.80 an ounce, gold for December closed up $1.50 at $947.30 an ounce. The price was more or less rangebound for much of the day, hitting a low of $942.60 an ounce and a high of $952.30 an ounce.
The moderately higher close for gold was partly due to some weakness in the value of the U.S. dollar, which makes gold more attractive to foreign investors.
Traders also digested the latest batch of economic data, including a report from the Commerce Department showing that the pace of contraction in GDP in the second quarter was unrevised from the advance estimate.
The report showed that GDP decreased at an annual rate of 1.0 percent in the second quarter, unchanged from the 1.0 percent decrease originally reported in late July. Economists had been expecting GDP to be revised to show a decrease of 1.5 percent.
On Friday, trading could be impacted by the release of the Commerce Department's report on personal income and spending in the month of July. Income is expected to edge up 0.1 percent, while spending is expected to increase by 0.2 percent.
In other metals trading, silver for September delivery closed down $0.035 at $14.22 an ounce, while copper for September delivery closed down $0.0085 at $2.8485 a pound.
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