Gold futures rise on lower U.S. Treasury yields

CHICAGO, Dec. 21 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Thursday, after U.S. data on gross domestic product, jobless claims left U.S. Treasury yields lower.

The most active gold contract for February delivery added 1 dollar, or 0.08 percent, to close at 1270.6 dollars per ounce.

Gold stuck to a tight trading range after an initial flurry of economic data, including a slight downward revision in the pace of third-quarter U.S. economic growth to an annual pace of 3.2 percent from a previous estimate of 3.3 percent.

Separately, weekly data from the Labor Department showed the number of first-time jobless claims rose 20,000 to 245,000, the largest increase since early September.

The yield on the 10-year U.S. Treasury note slipped below 2.49 percent. Yields had hit their highest in nine months on Wednesday, boosted by expectations the U.S. tax overhaul could accelerate economic growth. Rising bond yields tend to lift the dollar and dull the attraction of nonyielding bullion.

As for other precious metals, silver for March delivery fell 3.6 cents, or 0.22 percent, to settle at 16.239 dollars per ounce. Platinum for January went down 1.8 dollars, or 0.2 percent, to close at 919.7 dollars per ounce. Enditem