2014.06.2609:11:00UTC+00Gold Slides From 2-Month Peak On Profit Taking

Gold prices are notably lower Thursday morning with investors taking profits ahead of some crucial economic data.

Investors are also watching the developments in Iraq. According to reports, the Iraqi parliament is scheduled to meet on Tuesday to discuss the process of creating a new government.

Gold futures for August delivery are down $15 or 1.1 percent at $1,308 an ounce.

On Wednesday, gold futures ended up $1.30 or 0.1 percent at $1,322.60, extending gains to a sixth successive session.

Besides worries about the situation in Iraq, soft economic data including a disappointing reading on U.S. durable goods supported the yellow metal. Analysts say the Fed is unlikely to raise interest rates until the U.S. economy recovery is sustained.

Silver for September is down $0.258 or 1.17 percent at $20.293 an ounce.

Meanwhile, copper is down $0.007 or 0.23 percent at $3.159 per pound.

On the economic front, the U.S. Labor Department is scheduled to release its jobless claims report for the week ended June 21st at 8:30 am ET. Economists expect claims to have declined to 310,000 from 312,000 in the previous week.