Gold futures gained on Thursday on positive US economic data and positive development over the euro zone’s debt situation. As per the latest news ECB president Jean Claude Trichet decided to suspend the application of minimum credit rating threshold for debt instruments by Portuguese government. ECB president also gave a stance against the selective default for Greece.

Senior metals analysts form USA Gold Centennial Precious Metals Inc Commented, “Gold is consolidative, but generally well bid within its range, the continually unfolding European sovereign-debt crisis, today’s ECB suspension of Portugal’s rating requirement, is likely to limit the upside in the euro and keep a bid under gold as an appealing hedge.”

Gold futures contract for August delivery gained $1.40 to $1,530.60 per ounce on Comex trading of New York Mercantile Exchange. The respective contract has surged $47 per ounce in last trading sessions.

Among other news which turned in to optimistic sentiments for traders was upbeat US employment numbers. As per the latest data, private sector employment in US increased by 157,000 for the month of June.

Among other commodities, copper futures contract for September delivery jumped $0.11 to $4.44 per pound. Silver futures contract for September delivery gained $0.62 to $36.53 per ounce. Palladium futures contract for September delivery soared $13.35 to $786.55 per ounce while its sister metal platinum futures contract for October delivery jumped $9.60 to $1,743 per ounce.