Daily Gold Update

Source: Marketwatch

New York— Gold futures closed above $1,047 an ounce, breaking five straight sessions of losses, after a report showing the U.S. economy expanded for the first time in a year enticed investors back to commodities and stocks. Gold for December delivery added to gains throughout the session to end at $1,047.10 by the close of floor trading in New York. Gold rose $16.60 an ounce, or 1.6%, to mark the contract's highest close since Friday. December silver rose 42 cents, or 2.6%, to $16.655 an ounce.

"It's the better economic figures, better oil and better moving averages in gold," that are supporting prices Thursday, said George Gero, vice president of global futures at RBC Capital Markets. The Commerce Department said Thursday U.S. gross domestic product rose at a 3.5% annual pace in the third quarter, the strongest growth in two years, and matching a survey of economists polled by MarketWatch.com. Separately, jobless claims fell 1,000 to a seasonally adjusted 530,000 last week, the Labor Department said. Economists were looking for first-time claims to fall to 524,000. See full story.