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Gold prices rose more than 1.5 percent to a record high on Thursday, supported by expectations of an interest rate cut by the Federal Reserve next week after U.S. data pointed to a slowdown in the economy..
Spot gold rose 1.6 percent to $2,551.19 an ounce, while U.S. gold futures rose 1.4 percent to $2,578.90..
The U.S. Labor Department said initial jobless claims rose by about 2,000 to a seasonally adjusted 230,000..
U.S. producer prices rose slightly more than expected in August amid higher service costs, but the trend remained consistent with declining inflation..
In other precious metals, palladium rose 2.7% to $1,035.69 an ounce, its highest level in more than two months..
Spot silver rose 2.3 percent to $29.35 an ounce, while platinum rose 1.8 percent to $968.48 an ounce..
