Gold prices nudged higer from 6-year lows on Thursday, even as Fed Chair Janet Yellen continued to lay the groundwork for a rate hike later this month.

While December is a “live option,” Fed rate increases are “more likely to follow a gradual path,” Yellen told Congress today.

Disappointing US economic data put a floor under prices. The Institute for Supply Management released a report this morning showing that the pace of growth in U.S. service sector activity slowed more than expected in November.

Overseas, European Central Bank President Mario Draghi announced an extension of the ECB’s asset purchase program until March of 2017,

Feb. gold settled at $1,061.20/oz on Comex, up $7.40, or 0.7%.

Traders are looking ahead to the crucial November jobs report, due to be made public tomorrow morning.

The material has been provided by InstaForex Company – www.instaforex.com