Gold prices bounced back on Thursday after hitting reverse and pulling back from highs seen earlier this week. Investors took a break from gold on Tuesday following a three-day rally that saw the price climb above $1,330 per ounce on the back of global economic concerns. Despite some disappointing economic data out of the United States, equities gained some strength early in the week, pushing metal prices down. On Wednesday, gold lost almost 1 percent after the minutes from the latest Federal Reserve policy meeting showed that policy makers are keen on moving ahead with cutting back the country's monetary stimulus program. By midweek, spot gold was down at $1,310.50 per ounce. Thursday saw gold prices firm up, recouping most of Wednesday's losses with a near 1-percent gain. Lending support for the yellow metal was less-than-favorable data from the United States and China's manufacturing data. However, according to Reuters, improving global economic conditions and further tapering of the Fed's stimulus program could put a spanner in the works of safe haven demand. "There is no real indicator right now as to which direction the economy is going. The belief is that it is turning around and Fed tapering will likely continue, so there is no need for safe-haven physical assets," said Thomas Capalbo, a precious metals trader at New York brokerage Newedge, told Reuters. Gold closed on Thursday at $1,322 per ounce, a gain of $1.69 for the day. Company news Centerra Gold (TSX: CG) has completed a preliminary economic assessment (PEA) for its wholly-owned Oksüt project in South-Central Turkey. Centerra used a recently completed resource estimate as the basis for the PEA, also using a cut-off grade of 0.2 grams per tonne (g/t) of gold and a gold price of $1,300 per ounce. According to the company's press release, the resource estimate consists of: indicated mineral resources from the Keltepe deposit and inferred mineral resources located at the Güneytepe deposit. The PEA models a conventional open-pit and heap-leach facility with an expected 34 million tonnes of ore to be stacked at a maximum rate of 11,000 tonnes per day.