The spot gold price drifted within a narrow range during Asian trading hours on Thursday December 22 ahead of the release of a string of US economic data later today.

The spot gold price was recently quoted at $1,131.10/1,131.50 per oz, up just $0.30 on the previous close. Trade has ranged from $1,130.70 to $1,132.65 so far.

“The [USA] will release a series of important macroeconomic data which should impact on the market. The spot gold price has no clear direction yet and will await the data for directions,” China’s Zhengjin Precious Metals said on Thursday morning.

US data due later today includes core durable goods orders, final GDP, unemployment claims, core PCE price index, personal spending, CB leading index and personal income.

November core durable goods orders are expected to rise 0.2% month-on-month while final third quarter GDP growth is expected at 3.3%.

Durable goods order is expected to fall 4.9%, core PCE price index is seen rising 0.1% and personal spending is forecast to increase 0.4%, all on a month-on-month basis in November.

Recent strong US macroeconomic data and optimism over president-elect Donald Trump’s potential infrastructure spending plans have raised expectations of more interest rates increases in the USA next year, boosted the US dollar and increased appeal of risk assets like equities, while decreasing the attractiveness of haven assets like gold.

In US data released on Wednesday, existing home sales in November were at 5.61 million, higher than the forecast of 5.52 million. But weekly crude oil inventories in the country rose 2.3 million barrels against expectations of a 2.4 million barrel decline.

Source: The Bullion Desk