Gold Retains Losses After Flurry of U.S. Data, Oil Eyed for Cues

Gold Retains Losses After Flurry of U.S. Data, Oil Eyed for Cues

Gold held on to losses within a narrow range on Wednesday as investors awaited signs of dollar markets and oil in the Christmas holidays trade.

At comex Gold for February delivery shed $4.40 cents, or 0.41%, to trade at $1,069.70 a troy ounce.

Spot gold was little changed at $1,073.46 an ounce. The metal eased 0.6 percent on Tuesday, snapping a two-day rally.

The United States Department of Commerce said the total orders for durable goods, which include transportation items, remained flat last month, compared with expectations of fell by 0.6%. Core durable goods orders, excluding volatile transportation items, fell 0.1% in November, disappointing expectations for a profit of 0.1%.

Orders for core capital goods, a key investment of the private sector barometer, fell 0.4% last month, worse than expectations for a decrease of 0.1%, while exports of goods core capital, a category used to calculate quarterly economic growth, fell 0.5% in November, confounding forecasts for a 0.5% increase.

A separate report showed that personal spending rose 0.3% last month, meeting expectations. Personal income, meanwhile, rose 0.3%, above forecasts for a rise of 0.2%.

The core PCE price index rose 0.1% last month. At an annualized rate, the core PCE price index rose 1.3%. The Federal Reserve uses core PCE as a tool to assist in determining whether to raise or lower interest rates, with the objective of maintaining inflation at a rate of 2% or less.

Moreover, oil prices plateaued within earlier plumbing multiyear lows. Gold is positively co-related to oil as the metal is seen as a hedge against old-led inflation.

Trading is expected to be quiet as liquidity thins ahead of the Christmas holiday. Japanese markets were closed on Wednesday.

There is a great recovery in the rupee against the dollar. 1 dollar has come down to price of Rs $ 66.20. Notably, despite the rise in the dollar is stronger rupee. The impact of the rupee appreciation, domestic gold prices have had. MCX gold price is trading below Rs 25,200.

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