2014.04.2409:03:00UTC+00Gold At Lowest Since February Ahead Of Durable Goods

Gold futures are down sharply Thursday morning with investors looking ahead to crucial data on U.S. durable goods orders for March.

Gold futures for June delivery are down $13.40 or 1.04 percent at $1,271.40 an ounce, after falling to a fresh two and a half month low of $1,269.80 an ounce.

On Wednesday, gold futures ended up $3.50 or 0.3 percent at $1,284.60, snapping a three-day losing streak, with weak U.S. home sales data and escalating tensions in Ukraine prompting investors to go in for the safe haven investment.

Silver for May is down $0.398 or 2.05 percent at $19.040 an ounce, after declining to $18.935 an ounce, its weakest price in 2014.

Meanwhile, copper is up $0.036 or 1.17 percent at $3.095 per pound amid hopes of increased demand from China.

Investors will be looking ahead to the U.S. commerce Department's data on durable goods orders for March. The data is due at 8:30 am ET. Economics expect durable goods orders growth of 2 percent month-over-month. Excluding transportation, orders may have risen 0.9 percent.

Also due for release around the same time is the U.S. Labor Department's report on jobless claims for the week ended April 19. Economists expect claims to have increased to 313,000 from 304,000 in the previous week.

Other economic news due for release during the day are the Kansas City Federal Reserve's manufacturing index for April and the a report from the U.S. Treasury about its auction of 7-year notes. The reports are due at 11 am ET and 1 pm ET, respectively.