Gold up on escalation of Ukraine tension

Gold futures on the COMEX division of the New York Mercantile Exchange rebounded Thursday as investors weighed escalating Russia-Ukraine tensions and U.S. stocks edged lower.

The most active gold contract for December delivery rose 7 dollars, or 0.55 percent, to settle at 1,290.4 dollars per ounce.

Gold once reached 1,297.6 U.S. dollars after Ukrainian President on Thursday accused Russia of "moving its troops into Ukraine," but shed some gains as a second reading of U.S. second quarter economic growth showed that the U.S. economy rebound was more robust than previously thought.

The U.S. real gross domestic product (GDP) grew at an annual rate of 4.2 percent in the second quarter, according to revised data released by the Commerce Department Thursday. The latest data was higher than the department's initial estimate of 4 percent and beat analysts' expectations.

Moreover, the number of Americans who initially applied for jobless benefits in the week ending Aug. 23 decreased 1,000 to a seasonally adjusted 298,000, said the U.S. Labor Department.

Silver for December delivery rose 13.4 cents, or 0.69 percent, to close at 19.609 dollars per ounce. Platinum for October delivery gained 5.3 dollars, or 0.37 percent, to close at 1,425.2 dollars per ounce.