Gold gained for the second straight day as some more dismal economic data increased the precious metal's hedge value. The metal had dropped in six of the previous seven sessions.

April gold finished at $940.00, up $4.20 for the session. Prices touched as high as $948.50 earlier in the session.

A Commerce Department report showed that fourth quarter gross domestic product fell by a revised 6.3 percent, compared to the preliminary estimate of a 6.2 percent decrease. Economists had been expecting GDP to be revised to show a somewhat steeper 6.6 percent contraction.

The U.S. Labor Department announced initial jobless claims rose to 652,000 for the week ended March 20th, compared to the previous week's level of 644,000. Meanwhile, people continuing to collect unemployment rose to 5.56 million in the most recent data, compared to the previous mark of 5.438 million.

The dollar saw some strength on Thursday, limiting gold's hedge appeal. The greenback advanced versus the sterling and yen, paring recent losses, and was stable versus the euro.

Gold's hedge appeal was boosted by rising oil prices. Light sweet crude oil for May delivery ended at $54.35, up $1.58 for the day.

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