Spot gold price trades flat in holiday-thinned conditions

Gold was treading water in thin trading conditions in London on Thursday December 22 – prices are stuck around $1,130 per oz while many investors are sidelined as the end of the year approaches.

The spot gold price was recently indicated at $1,130.25/1,130.45 per oz, down $0.60 on Wednesday’s close.

“With Christmas only a few days away we expect business and liquidity to further dry up into today and tomorrow and remain quiet through to the New Year,” MKS said in a note.

The market may pick up in the first quarter of 2017, however, Metal Bulletin analyst Boris Mikanikrezai said.

“Investors may continue to remove their bullish bets to take advantage of positive global risk sentiment and lower volatility across risk asset classes. But the level of complacency in financial markets may take some participants by surprise early next year, which may trigger a strong rebound,” he said.

In data, core durable goods orders, the final GDP, unemployment claims, the core PCE price index, personal spending, the CB leading index and personal income are due from the USA later today.

The dollar index was last at 103.01, down 0.03%.

The spot silver price at $15.855/15.875 per oz was little changed, while platinum at $910/915 per oz was $1 higher and palladium was unchanged at $653/658 per oz.

(Editing by Mark Shaw)

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