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Gold steady as investors eye economic data

December 22, 2022By Reuters

Dec 22 (Reuters) – Gold prices were little changed during early Asian hours on Thursday, as market participants awaited economic data for further direction.

* Spot gold was steady at USD 1,815.00 per ounce as of 0036 GMT. US gold futures were unchanged at USD 1,824.70.

* The US gross domestic product data for the third quarter and weekly US jobless claim numbers are due at 1330 GMT.

* The core personal consumption expenditure (PCE) data scheduled on Friday is also on investors’ radar.

* The Federal Reserve lowered its pace of rate hikes gradually to 50 bps in December after four consecutive 75 bps rate hikes.

* However, last week, Fed Chair Jerome Powell said the US central bank will deliver more rate hikes next year, even as the economy slips towards a possible recession.

* Rising interest rates increase the opportunity cost of holding bullion since it pays no interest.

* US consumer confidence rose to an eight-month high in December as inflation retreated and the labour market remained strong, but fears of a recession persisted.

* China will seize the time window to implement policy measures to support the economy, aiming for an improvement in growth in early 2023, state media on Wednesday quoted the cabinet as saying.

* A US district court has ordered a California precious metals operation and its owners to pay USD 38 million in restitution and a civil penalty for commodity fraud and registration violations, the Commodity Futures Trading Commission said on Wednesday.

* Spot silver fell 0.1% to USD 23.94, platinum gained 0.4% to USD 1,002.29 and palladium rose 0.4% to USD 1,697.93.


0500 Japan Leading Indicator Revised Oct

0700 UK GDP QQ, YY Q3

1330 US GDP Final Q3

1330 US Initial Jobless Clm Weekly

(Reporting by Ashitha Shivaprasad in Bengaluru; editing by Uttaresh.V)


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