NEW YORK (TheStreet) -- Gold prices were trading slightly higher Thursday after unchanged weekly initial jobless claims failed to suggest a strengthening economy ahead of the economic summit in Jackson Hole, Wyo.
Gold for December delivery was gaining $2.10 to $1,665.10 at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,666.70 and as low as $1,656.70 an ounce, while the spot price was up $6.40, according to Kitco's gold index.
"Today's initial jobless figures of 374,000 is again bad news for the economy good news for gold in that immediate reaction of no changes in interest rates even if [Ben] Bernanke gives no hard news tomorrow keeps investors from selling," George Gero, precious metals strategist at RBC Wealth Management, wrote in a note on Thursday.
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