Gold Trending Higher On Safe Haven Appeal

(RTTNews) - Gold futures trended higher Thursday morning, on its safe haven appeal while tracking declining U.S. and European markets, with focus on the deteriorating situation in Ukraine.

Gold futures for December delivery are up $1.30 or 0.1 percent at $1,286.50 an ounce.

On Wednesday, gold futures shed $1.80 or 0.1 percent to close at $1,283.40 an ounce, with little economic cues for direction.

Economic reports out of the U.S. revealed the U.S. economy to have expanded faster during the second quarter than previously estimated. Revised figures from the U.S. Commerce Department showed Gross Domestic Product, a broad measure of economic activity, rose by 4.2% in the April-to-June period.

Meanwhile, Ukraine turmoil continued to escalate after President Petro Poroshenko on Thursday alleged Russian troops had been sent into his country and called for an urgent meeting of the United Nations Security Council and the European Council to discuss the issue.

Silver for December is up $0.145 or 0.7 percent at $19.615 an ounce, while copper is down $0.047 or 1.5 percent at $3.152 per pound.

In economic news, pending home sales in the U.S. rebounded in July due mainly on low interest rates and confidence in the U.S. economic recovery, according to the National Association of Realtors. The Pending Home Sales Index climbed 3.3 percent to 105.9 in July from 102.5 in June.

In economic news from the eurozone, eurozone economic confidence weakened more-than-expected in August to its lowest level in eight months, underscoring rising pessimism amid heightened geopolitical tensions and stagnating economic recovery. The index dropped to 100.6 in August, the lowest score since December, from 102.1 in July, the European Commission said Thursday.

Meanwhile, Germany's inflation in August held steady at its lowest level in four-and-a-half years, preliminary figures from the statistical office Destatis showed Thursday. The consumer price index rose 0.8 percent year-on-year, same as in July and in line with economists' expectations. The figure was the lowest since February 2010.