Gold price rose on increasing demand for safe-haven assets as oil prices declined. A weaker U.S. dollar also supported gold.
Market participants eyed the U.S. economic data. The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending February 20 in the U.S. increased by 10,000 to 272,000 from 262,000 in the previous week. Analysts had expected jobless claims to rise to 270,000.
The U.S. Commerce Department released durable goods orders data on Thursday. The U.S. durable goods orders jumped 4.9% in January, exceeding expectations for a 2.9% gain, after a 4.6% drop in December. December's figure was revised up from a 5.0% fall.
The increase was mainly driven by a strong demand for transportation equipment.
The U.S. durable goods orders excluding transportation climbed 1.8% in January, exceeding expectations for a 0.2% increase, after a 0.7% decline in December. December's figure was revised up from a 1.2% drop.
The U.S. durable goods orders excluding defence rose 4.5 % in January, after a 2.5% decline in December. December's figure was revised up from a 2.9% decrease.
March futures for gold on the COMEX today rose to 1237.60 dollars per ounce.