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Gold inches higher before US data

27th November 2013

Gold prices have edged higher in quiet trade today (November 27th), ahead of a number of US data releases.

Figures relating to durable goods orders in the country, manufacturing activity in the Chicago region and unemployment benefits are among those to be published during the current session, before the Thanksgiving holiday tomorrow.

A report released yesterday showed American consumer sentiment declined to a seven-month low this month, but this had little impact on gold prices. Analysts continue to expect the Federal Reserve to begin scaling back its asset purchases in the near future.

On the Comex division of the New York Mercantile Exchange, gold for February delivery has advanced by 0.3 per cent to $1,244.85 per ounce. This comes after prices fell to a four-month low on Monday.

Over the course of the year, bullion has declined by around 26 per cent, largely as a result of speculation regarding the Fed's plans to reduce its monetary stimulus. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.