Gold Prices Continue to Hover Near 2-1/2 Week Highs

Investing.com – Gold prices continued to hover near two-and-a-half week highs on Friday, despite a mild rebound in the greenback as trading volumes were expected remain subdued ahead of the Christmas holiday.

Comex were little changed at $1,271.30 a troy ounce by 03:00 a.m. ET (07:00 GMT), close to Thursday’s two-and-a-half week high of $1,272.50.

The greenback found some support after data on Thursday showed that the U.S. economy grew in the third quarter, which was a downward revision from the previous reading of 3.3%. It was still the fastest pace in more than two years.

The report came a day after the House of Representatives to the biggest U.S. tax overhaul in 30 years, marking President Donald Trump’s first political victory for .

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.14% at 92.97.

Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.

Elsewhere on the Comex, were down 0.09% d at $16.23 a troy ounce.

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