RTTNews - Gold was little changed on Wednesday in U.S. trading as the dollar recouped some of its recent losses against other major currencies, limiting the metal's hedge value.
December-dated gold settled at $945.80 an ounce, down 20 cents on the session. Prices bounced back after hitting as low as $941.20.
The dollar reached a six-week best versus the British pound, continuing its recent success. The buck also rose away from a 2 1/2-week low against the euro, reaching a five-day high.
On the economic report, a Commerce Department report showed that new orders for durable goods jumped 4.9 percent in July following a revised 1.3 percent decrease in June. Economists had expected orders to increase by 3.2 percent compared to the 2.2 percent decrease that had been reported for the previous month.
A separate Commerce Department report showed that new home sales surged up by 9.6 percent to an annual rate of 433,00 in July from the revised June rate of 395,000. Economists had been expecting sales to edge up to 390,000 from the 384,000 originally reported for the previous month.
On Thursday, preliminary second-quarter gross domestic product data is expected at 8:30 a.m. ET. GDP is expected to fall 1.4% after slipping 1% in the prior quarter.
Initial jobless claims data also is expected at that time. First-time unemployment applicants are expected to fall to 565,000, compared to 576,000 a week earlier.
Silver for September delivery lost 5.5 cents to $14.255 an ounce. September copper settled at $2.857 a pound, up slightly.
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