Gold prices flat ahead of US data release

Gold prices stabilized today, Dec. 22, as investors await US data that may provide more clues about the future of interest rates.

Gold futures for February delivery settled at $1,825.8 an ounce at 11:54 pm Makkah time, while spot prices advanced 0.21% to $1,818.14 per ounce.

On the other hand, silver futures for March delivery tumbled 0.53% to $24.07 an ounce. Meanwhile, the spot price of platinum rose 0.45% to $1,006.45 per ounce.

This came in tandem with a 2.31% jump in the spot price of palladium to reach $1,730.75 an ounce.

Being the world’s largest gold consumer, China recorded 3,030 new COVID-19 cases on Dec. 21,, compared to 3,101 cases in the day before.

Today, markets are awaiting the release of several US data, on top of which is the final reading of the third-quarter gross domestic product (GDP), with an estimated 2.9% growth. The weekly US jobless claims is also due today.