Gold gains ahead of U.S. income report
As this week comes to an end and holidays are on the doors, markets are barely moving while the sentiment is still shaky and as usual choppy trading, volatility and uncertainty is seen ahead of the coming year.
Gold opened the session today at $1605.87 per ounce, and recorded the highest at $1613.90 and the lowest at $1604.35, and is currently trading around $1611.95 per ounce.
For the metal, gold is expected to gain some momentum today ahead of the coming week, where investors with rising uncertainty are expected to start liquidating their positions on gold ahead of the coming year, which is expected to bring more volatility and uncertainty to the market especially when eyes are still looking forward to the European nations and the escalating debt crisis.
This week, volatility and choppy trading highlighted our sessions through the week, with the main major event occurred is the European Central Bank offering unlimited three-year loans for the euro-area banks in order to provide liquidity and prevent an interbank lending freeze from hurting the vulnerable financial sector.
Mixed trading was seen in the market yesterday after the upbeat weekly jobs report and the cheerful confidence data from the world's largest economy; however, U.S. growth was revised lower to 1.8% from 2.0% in the third quarter final reading, which added more uncertainty and volatility to the market.
Today the focus will be on the U.S. income report and the durable goods orders, where markets are expected to remain volatile and to fluctuate heavily ahead of both reports.
Among other precious metals, silver started the session today at $29.04 per ounce, and recorded the highest at $29.43 and the lowest at $28.97, and is currently trading around $29.37 per ounce.
Platinum also gained $13.75 per ounce or 0.97% after the opening of $1423.50 per ounce, to currently trade around $1437.25. The metal reached a high of $1440.00 and a low of $1420.50 per ounce.