Gold Edged Lower in Holiday-Thinned Trade

Gold Edged Lower in Holiday-Thinned Trade

Gold lowered on Monday, as it is expected that trading volumes remain thin ahead of the New Year holidays. Prices renouncing some of the gains from last week, but moves muted in the low liquidity in the holiday-shortened week.

US gold futures for February delivery on the Comex shed $5.40, or 0.5%, to trade at $1,070.50 a troy ounce.

Spot gold was down 0.3 per cent at $1,071.94 an ounce.

Looking ahead to the last week of the year, it is expected that trading volumes remain light as many merchants have already been closed books due to the holiday period, reduced liquidity into the market and increased volatility.

Investors kept an eye on the upcoming US data to assess whether the world’s largest economy is strong enough for supporting further rate hikes in 2016. The US is to release key reports on consumer confidence, pending home sales and jobless claims later this week.

The metal rose by almost 1 percent during Christmas week, but still on course to fall for the sixth consecutive quarter, the longest streak of quarterly losses since the mid-1970s is 9 percent so far this year .

Prices reached its lowest level in early 2010 earlier this month in anticipation of the first interest rate hike in the United States in nearly a decade. Even though gold ground lost after the announcement as traders covered short positions holding, it remains under pressure.

The gold futures contract traded on the Multi Commodity Exchange (MCX) witnessed a choppy movement and trades above a key support level of Rs 25,000.

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