Gold edged higher for a second straight session as some disappointing economic data boosted the appeal of the hedge investment.
April gold rallied to $946.00, up $8.00 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 remained stable against the euro and pound following the economic reports. After suffering steep losses over the last week, the dollar has found its footing over the last few days.
Gold's hedge appeal was boosted by rising oil prices. Light sweet crude oil for May delivery rallied $1.62 per ounce to $54.39 in early trading.
Gold added $12 for Wednesday's session after closing lower on Tuesday for the sixth time in seven sessions.
For comments and feedback: contact firstname.lastname@example.org