Costs of gold and silver are treading water early Thursday as buyers await a raft of U.S. financial information, together with the revised third-quarter gross home product numbers.
Value motion
- Gold costs for February supply had been flat at $1,825 per ounce on Comex, in line with FactSet information.
- Silver costs for March supply had been down 23 cents, or 1%, to $23.96 per ounce.
- Palladium costs due in March rose $48.20, or 2.9%, to $1,715 per ounce, whereas platinum costs for January fell $2.30, or 0.2%, to $1,008 per ounce.
- Copper costs for March had been flat at $3.80 per pound.
Market drivers
Gold and silver costs have been treading water this week as a six-week-old uptrend appeared to stall, mentioned Jim Wyckoff, senior analyst at Kitco.
“Technically, the gold futures bulls have the agency total near-term technical benefit. Costs are in a six-week-old uptrend on the day by day bar chart. Bulls’ subsequent upside worth goal is to provide a detailed in February futures above strong resistance at $1,900.00,” Wyckoff mentioned.
U.S. financial information due for launch Thursday consists of the weekly jobless claims report, the third estimate of third-quarter GDP, the Chicago Fed nationwide exercise index, main financial indicators and the Kansas Metropolis Fed manufacturing survey, Wyckoff mentioned.
