Gold 2-Day Rally Comes to An End Ahead of U.S. GDP Data

Gold 2-Day Rally Comes to An End Ahead of U.S. GDP Data

US gold futures retained gains from a merger of 2 days on Tuesday, as investors looked ahead to introduce economic data later in the session for more indications over the strength of the economy.

Gold for February delivery on the Comex Exchange shed $3.30, or 0.31%, to trade at $1,077.30 a troy ounce.

Spot gold was little changed at $1,077.60 an ounce, after gaining 2.5 per cent in the last two sessions.

The United States involves the publication of the final figures on economic growth in the third quarter at 8:30 am EST on Tuesday. It is expected that the data showing that the economy expanded 1.9% in the three months ended Sept. 30, compared with flash estimate of 2.1% last month.

At 10:00 am, the National Association of Realtors released data on existing home sales for November, amid forecasts for a gain of 0.5% to 5.37 million, following a decline of 3.4% the previous month.

It is expected that trading volumes remain light over the coming days because of the Christmas holidays and as many traders already shut down books before the end of the year, reducing liquidity in the market and increasing the volatility.

The metal received a boost on Monday as the dollar fell after data from the Federal Reserve Bank of Chicago suggested that the United States economy expanded at a slower rate than average in November, before the Federal Reserve raised rates interest last week.

A dip in crude to its lowest levels since 2004, oil was seen rising hurt gold in the short term as lower prices could ignite fears of deflation. Bullion is often viewed as a hedge against oil-led inflation.

By rupee, metals are under pressure. MCX gold is fell 0.2 percent to trading at Rs 25,340 .

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