Gold Posts Slight Post-Holiday Gains
San Francisco (Dec 26) Gold has moved higher on Friday, taking advantage of light trade in the markets after the Christmas holiday. In the European session, as the spot price stands at $1187.06 per ounce. The metal has recovered some of the sharp losses recorded on Monday. There are no US releases on Friday, so traders can expect a quiet North American session as we wrap up the trading week. In the US, there were a host of key events on Tuesday, with mixed results. GDP was red-hot in Q3, jumping 5.0%, ahead of the estimate of 4.6%. This marked the indicator’s strongest gain since the third quarter of 2003. The US economy is expected to continue to surge in 2015, driven by increased consumer spending and lower oil prices. The news was not as positive from Core Durable Goods Orders, which posted a decline of 0.4%, its fourth decline in five readings. The reading was well off the estimate of 1.1%. Durable Goods Orders looked even worse, with a reading of -0.7%. This surprised the markets which had anticipated a strong gain of 3.0%. UoM Consumer Sentiment continues to rise, hitting 93.6 points in December. This marked its highest level since February 2007, as the US consumer remains very optimistic about the economy as we move into 2015.