LOS ANGELES (Topmcxtips.com) — Gold edged higher on Wednesday but failed to reclaim the $1,200 level ahead of a crowded slate of economic data leading into the holiday break.
At last check, Comex gold for December delivery GCZ4, +0.15% was up $1.60 to $1,198.70 an ounce & Gold Prices in Mcx Trading at Rs 26370 & High was Rs 26417, Low was Rs 26334 . Meanwhile, December silver SIZ4, +0.04% added 4 cents, or 0.3%, to $16.60 an ounce.
A day earlier, gold pushed above the key $1,200 mark but lost its footing to settle slightly higher.
On the economic front, the mortgage purchase applications index gets it started early, then the initial weekly unemployment claims, durable goods orders and personal income and outlays all hit at 8:30 a.m. Eastern. The final reading of the consumer sentiment index arrives at 9:55 a.m., followed five minutes later by new home sales for October. Pending home sales also get released at 10:00 a.m.
Guillermo Miguel Perez-Santalla of Heraeus Metals in New York is bullish on gold at these levels.
“The continued resilience of gold and silver against bearish news has surprised many traders,” he said. “Buying, whether short covering or new longs from bargain hunters, is slowly building a strong base for the metals.”
In other metals trading, January platinum PLF5, +0.11% rose $2.60 to $1,227.10 an ounce, while December palladium PAZ4, +0.13% added $1.95 to $797.55 an ounce. High-grade copper for December delivery HGZ4, +0.14% gained two cents to $2.97 a pound.