Gold futures settle higher over mixed economic data

CHICAGO, Dec. 22 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Friday, after a flurry of newly released economic news offered a mixed picture on the economy.

The most active gold contract for February delivery went up 8.2 dollars, or 0.65 percent, to close at 1278.8 dollars per ounce

The metal built on modest gains as the economic data could still back up expectations for continue Federal Reserve interest-rate tightening deep into 2018.

On the data front, orders for durable goods rose 1.3 percent in November. But excluding transportation, orders fell 0.1 percent last month.

Meanwhile, consumer spending jumped in November. Within that report, inflation as gauged by the personal consumption expenditures price index has risen 1.8 percent in the past 12 months, up from 1.6 percent in October.

Consumer sentiment continued to soften, but remained well above its average, with the final December reading of the University of Michigan consumer sentiment index coming in at 95.9 versus November's 98.5.

As for other precious metals, silver for March delivery added 20.5 cents, or 1.26 percent, to settle at 16.444 dollars per ounce. Platinum for January rose 3.3 dollars, or 0.36 percent, to close at 923 dollars per ounce. Enditem