Investing.com – Gold prices steadied on Wednesday after the dollar rebounded on strong economic data as traders awaited the release of the Federal Reserve’s December meeting minutes.
for February delivery on the Comex division of the New York Mercantile Exchange rose by $1.40, or 0.11%, to $1,317.50 a troy ounce.
Gold futures turned positive as ongoing geopolitical uncertainty stoked safe-haven demand offsetting a rebound in the dollar which followed economic reports pointing to underlying strength in the economy.
The Institute for Supply Management (ISM) index of rose to a reading of 59.7 in December from 58.2 in the previous month. That beat economists for forecast for reading of 58.2.
A reading above 50 indicates growth in manufacturing, well below 50 indicates contraction.
The Commerce Department said rose 0.8% to a record of $1.257 trillion in November, topping economists forecast for a 0.6% rise.
The duo of reports comes ahead of the Federal Reserve’s December meeting minutes which is expected to be carefully parse for insights into the Fed’s thinking on the progress of US the economy and inflation, which has lagged the central bank’s 2% target.
Following its decision to raise its benchmark rate in December, the Federal said “Near-term risks to the economic outlook appear roughly balanced, but the Committee is monitoring inflation developments closely.”
In other precious metal trade, rose 0.43% to $17.28 a troy ounce, while gained 1.88% to $965.60.
traded at $3.26, down 0.61%, while fell 1.51% to $3.01.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source: Investing.com
