RTTNews - Gold rallied on Thursday in U.S. trading, boosted by higher crude oil prices. The rise took the precious metal off of a two-week low.

September-stamped gold climbed to $934.90 per ounce, up $7.70. Prices touched as high as $937 in early trading.

Crude oil surged more than 5%, leading an increase across the board for commodities. Light sweet crude added $3.57 to finish at $66.92 per barrel, erasing most of yesterday's sharp slide.

The dollar held most of its recent gains against the euro, limiting the metal's hedge appeal. The greenback fell against the British pound and Canadian dollar, but gained on the yen. Gold usually moves opposite the dollar.

In economic news, a Labor Department report showed that jobless claims rose to 584,000 from the previous week's revised figure of 559,000. Economists had expected jobless claims to rise to 575,000 from the 554,000 originally reported for the previous week.

Traders awaited the release of the gross domestic product data for the second quarter, which will be revealed at 8:30 a.m. ET. A drop of 1.5% is forecast, compared to a drop of 5.5% in the first quarter.

The Chicago purchasing manager's index report for July is due at 9:45 a.m. ET. A reading of 42.0 is projected, compared to a 39.9 in June.

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