Investing.com - Investing.com - Gold prices was higher in early European trade on Friday, but gains were expected to remain limited as Thursday's upbeat U.S. jobless data continued to weigh on the precious metal.
On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,232.90 a troy ounce during European morning trade, up 0.30%.
The December contract settled 1.32% lower on Thursday to end at $1,229.1 a troy ounce.
Futures were likely to find support at $1,222.00, the low from October 15 and resistance at $1,244.90, Thursday's high.
Demand for the safe-haven asset weakened after a report on Thursday showed that U.S. initial jobless claims rose last week, but the underlying trend indicated improving labor market conditions.
The Department of Labor said the number of Americans filing for initial jobless benefits in the week ending October 18 increased by 17,000 to 283,000, broadly in line with forecasts.
However, the four-week average fell to 281,000, the lowest since May 2000, while continuing claims, which counts people receiving benefit for at least the second month in a row, also hit a 14-year low, of 2.35 million.
Traders were now turning their attention to an upcoming report on U.S. new home sales due later in the day for further indications on the strength of the housing market.
On Tuesday, the National Association of Realtors said that U.S. existing home sales increased 2.4% to a 5.17 million units last month from 5.05 million in August. Analysts had expected existing home sales to rise 1% to 5.10 million units in September.
Elsewhere in metals trading, Comex, silver for December delivery gained 0.55% to $17.250 a troy ounce, while December copper edged up 0.12% to trade at $3.044 a pound.
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