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Gold up slightly on holiday trading, dollar

Xinhua, December 24, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as thin holiday trading and a weaker U.S. dollar gave support to the precious metal.

The most active gold contract for February delivery rose 2.9 U.S. dollars, or 0.26 percent, to settle at 1,133.60 dollars per ounce.

Traders spent most of the day re-configuring their positions ahead of the holiday weekend, with many traders buying to cover their short positions, giving support to the price of the precious metal.

The precious metal was given additional support as the U.S. Dollar Index fell by 0.06 percent to 103.03 as of 18:00 GMT. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

A report released by the U.S. Department of Commerce showed new home sales increasing by 5.2 percent to a 592,000 annualized rate during the month of November. Analysts note that this is the strongest reading of this measure since July, and that new home sales have consistently supported the housing sector.

Investors are expecting low trading volume in the week ahead as the markets are closed on Monday for the U.S. holiday. The consumer confidence report is due on Tuesday, pending home sales index on Wednesday, international trade in goods and weekly jobless claims on Thursday, and Chicago PMI on Friday.

Silver for March delivery fell 11.2 cents, or 0.71 percent, to close at 15.759 dollars per ounce. Platinum for January delivery dropped 14.2 dollars, or 1.56 percent, to close at 893.20 dollars per ounce. Endit