Gold futures inched ever-so-slightly lower on Wednesday as a lack of catalysts and trading volumes have the market drifting aimlessly in these final hours before Christmas.
Gold for February delivery on the Comex division of the New York Mercantile Exchange was last down $1.50 at $1,176.50 per ounce. Trade has ranged from $1,175.70 to $1,181.20.
“There is nothing that has happened in the past twenty four hours nor is there anything likely to happen in the next forty eight that shall dissuade us from holding our long positions in gold predicated primarily in yen terms and secondarily in euro denominated terms,” Dennis Gartman, editor of the Gartman Letter, said.
“Further, until such time as gold/euro trades upward through the truly important psychological resistance at 1000 euros per ounce, a level that has rebuffed gold six times thus far this year, we see no reason to take any further action,” he added.
In the only data release of note today, US weekly unemployment claims fell by 9,000 last week to a seasonally adjusted 280,000, which marks a seven-week low.
But yesterday, the Dow Jones industrial average surged above 18,000 for the first time ever after it was reported that US GDP grew by five percent in the third quarter, which was well above the 4.3 percent forecast.
In the wider-markets this morning, the euro was 0.27 percent stronger at 1.2206 against the dollar, while Germany’s DAX was up 0.57 percent and France’s fell by 0.44 percent.
As for the other precious metals, Comex silver for delivery we up 1.8 cents at $15.785 per ounce. Trade ranged from $15.690 to $15.865.
Platinum for January delivery on the Nymex were down $2.10 at $1,189.60 per ounce, while the most-actively traded palladium contract was at $813.75 per ounce, down 30 cents.
The post Gold price flat as volumes decline ahead of holiday appeared first on The Bullion Desk.
No comments:
Post a Comment