Gold Flat, Withstands Another Dollar Rally
Washington (Dec 24) Gold prices are little changed Wednesday morning, ahead of weekly US jobless claims data.
Fairly steady global equity markets and speculation about US interest rate hikes are curbing the demand for the yellow metal.
The US Labor Department is scheduled to come out with its jobless claims report for the week ended December 20 , at 8:30 am ET .
Gold futures for February delivery are down USD1.00 or 0.08% at USD1,177.00 an ounce.
On Tuesday, gold futures ended down USD1.80 or 0.2% at USD1,178.00 an ounce, on stronger global equity markets and on data showing a more than expected US third quarter GDP growth.
The dollar's strength against a basket of major currencies also weighed on the yellow metal. The dollar index jumped to a new 4-year peak Tuesday.
Nonetheless, the decline in gold prices were somewhat capped due to a report showing an unexpected drop in US durable goods orders in November and on data showing an unexpected drop in new home sales.
Silver for March is up USD0.040 or 0.25% at USD15.807 an ounce. Meanwhile, copper is down USD0.013 or 0.46% at USD2.853 per pound.