Gold price on Thursday (5/8) has the opportunity to be corrected by moving in the range of US$1,806-US$1,830 per troy ounce.

"The statement by the Deputy Governor of the US Central Bank, Richard Clarida that predicts tapering will begin later this year and the US service activity survey data showing an increase in July has the opportunity to suppress gold prices today," said Commodity Observer Ariston Tjendra in Jakarta.

He explained that tapering reduces liquidity and can encourage the strengthening of the US dollar.

As for today's US weekly jobless claims data will be the mover of gold prices tonight.

Data showing a decline in claims could weaken gold prices and vice versa.