Oil prices traded mixed. WTI crude oil was supported by U.S. GDP data. The U.S. Commerce Department released gross domestic product (GDP) figures on Wednesday. The U.S. final GDP soared 3.9% in the second quarter, up from the revised estimate of a 3.7% growth, after a 0.2% decline in the first quarter.

The upward revision was partly driven by an upward revision to consumer spending and business investment.

Data by Genscape Inc. also supported oil prices. The company said on Thursday that crude stocks at the Cushing, Oklahoma, declined by more than 500,000 barrels in the week ending September 22.

The weak consumer price inflation data from Japan weighed on oil prices. Japan's national consumer price index (CPI) remained unchanged at an annual rate of 0.2% in August.

Japan's national CPI excluding fresh food declined to an annual rate of -0.1% in August from 0.0% in July, in line with expectations.

WTI crude oil for November delivery increased to $45.32 a barrel on the New York Mercantile Exchange.

Brent crude oil for October declined to $48.38 a barrel on ICE Futures Europe.

Gold price fell on yesterday's comments by the Fed Chairwoman Janet Yellen. She said in a speech at the University of Massachusetts on Thursday that she expects that the Fed will start raising its interest rates by the end of the year, followed by a gradual pace of interest rate hikes.

"Most of my colleagues and I anticipate that it will likely be appropriate to raise the target range for the federal funds rate sometime later this year," she said.

Yellen noted that the inflation will rise toward the Fed's 2% target as low oil prices are temporary.

The Fed chairwoman also said that the slowdown in the global economy is not significant not to raise interest rates this year.

The U.S. GDP data also weighed on gold price. The U.S. Commerce Department released gross domestic product (GDP) figures on Wednesday. The U.S. final GDP soared 3.9% in the second quarter, up from the revised estimate of a 3.7% growth, after a 0.2% decline in the first quarter.

The upward revision was partly driven by an upward revision to consumer spending and business investment.

October futures for gold on the COMEX today decline to 1143.90 dollars per ounce.

Ali Kardor, the chief of investment for the National Iranian Oil Company, said on Thursday that Iran plans to rise its oil exports by 500,000 barrels a day by late November or early December. He noted that the country expects its exports to exceed today's figure by 1 million barrels a day.

Kardor also said that oil price could decline by $3 to $4 when Iran boosts its oil exports.

The U.S. Commerce Department released gross domestic product (GDP) figures on Wednesday. The U.S. final GDP soared 3.9% in the second quarter, up from the revised estimate of a 3.7% growth, after a 0.2% decline in the first quarter.

The upward revision was partly driven by an upward revision to consumer spending and business investment.

Consumer spending rose by 3.6% in the second quarter, up from the previous estimate of a 3.1% increase.

Business investment jumped by 6.2% in the second quarter, up from the previous estimate of a 3.1% gain.

The Fed Chairwoman Janet Yellen said in a speech at the University of Massachusetts on Thursday that she expects that the Fed will start raising its interest rates by the end of the year, followed by a gradual pace of interest rate hikes.

"Most of my colleagues and I anticipate that it will likely be appropriate to raise the target range for the federal funds rate sometime later this year," she said.

Yellen noted that the inflation will rise toward the Fed's 2% target as low oil prices are temporary.

The Fed chairwoman also said that the slowdown in the global economy is not significant not to raise interest rates this year.

Yellen pointed out that the decision to raise interest rates will depend on further progress toward achieving full employment and a rise in the inflation toward the 2% target.

West Texas Intermediate futures for November delivery advanced to $45.30 (+0.87%), while Brent crude rose to $48.50 (+0.69%) despite weak inflation data from Japan. The core consumer price index fell by 0.1% in August compared to the same period last year. The index has fallen for the first time since 2013. However officials said that GDP growth trend was intact and the core CPI fell because of low energy costs. Excluding energy the index rose by 1.1%.

Meanwhile the global glut persisted and traders are concerned about Iran pumping additional crude into the market in the coming months. An Iranian official said on Thursday he expects his country to raise its oil exports by 500,000 barrels a day by late November or early December, mostly with sales to Asia.

Gold declined to $1,146.80 (-0.61%) from a one-month high after Fed Chair Yellen said a rate hike before the end of 2015 is likely. Investors also took profits after yesterday's 2% jump.

SPDR Gold Trust holdings rose 3.87 tonnes to 680.27 tonnes on Thursday.

According to International Monetary Fund data, Russia and Kazakhstan raised their gold holdings for the sixth month in a row in August.

(raw materials / closing price /% change)

Oil 45.10 +0.42%

Gold 1,153.30 -0.04%