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Wednesday, December 24, 2014

Bullions witness mixed trade

Gold slips but silver shines 


Bullion metals ended mixed in thinly-traded holiday action on Tuesday, 23 December 2014 at Comex. Gold prices slipped as solid U.S. growth data pushed the greenback higher and made dollar-denominated commodities more expensive for foreign buyers. 

Gold for February delivery declined $1.80, or 0.2%, to settle at $1,178.00 an ounce on the Comex division of the New York Mercantile Exchange. For the week, gold is down $18 an ounce, or 1.5%. 

March silver rose nearly 8 cents, or 0.5%, to settle at $15.87 an ounce. 

On Tuesday, the dollar climbed on the back of data showing the U.S. economy expanded by the fastest pace in 11 years in the third quarter. The gross domestic product grew by 5%, up from a prior reading of 3.9% and an initial estimate of 3.5%. 

The Federal Reserve has said it's watching data closely to determine when to hike interest rates for the first time, so solid economic readings like the GDP data today could raise speculation the central bank will introduce a rate rise next year. Higher interest rates are expected to support the dollar.
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