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Gold prices finished higher on Thursday as the dollar experienced some weakness, improving the metal's hedge appeal.
February-dated gold rose to $1,096.20 per ounce, up $3.70 on the session. Prices hit as high as $1,1107.60 earlier in the session.
Gold finished 2009 up nearly 25%, its ninth straight yearly gain. The metal reached a record above $1,220 earlier this month. When inflation is factored in, however, gold remains well off the levels near $2,000 seen in 1980.
The dollar fell to its lowest level in nearly two weeks against the British pound and also saw some early weakness versus the euro. Gold usually moves opposite the dollar.
In economic news, the U.S. Labor Department said that jobless claims fell to 432,000 from the previous week's revised figure of 454,000. The decrease came as a surprise to economists, who had expected jobless claims to edge up to 460,000 from the 452,000 originally reported for the previous week.
Construction spending is due at 10 a.m. ET. A decline of 0.5% is expected for November after the figure came in unchanged in October.
The ISM manufacturing index for December is also due at that time. A reading of 54.0 is forecast, compared to a 53.6 in November.
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