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Tuesday, December 30, 2014

Dull day for precious metals

Gold futures end lower tracking rising equity markets with the dollar trending higher 


Bullion prices ended lower at Comex on Monday, 29 December 2014 at Comex. Gold prices pulled back on Monday after some wide swings during Christmas week. Gold prices ended last Friday on a big uptick but still finished down a bit for the holiday-shortened week due to heavy losses in the prior sessions. 

Gold for February delivery fell $13.40, or 1.1%, to settle at $1,181.90 an ounce on the New York Mercantile Exchange. 

Silver for March delivery also fell, slipping nearly 37 cents, or 2.3%, to settle at $15.78 an ounce. 

Gold futures ended lower on Monday, tracking rising equity markets with the dollar trending higher against a select band of currencies. There was little or no significant economic releases for cues, with investors upbeat over an improving US economy. Nevertheless, trading volumes are expected to remain thin during the week, ahead of the New Year. 

After some strong data recently, including a report showing US gross domestic product to have grown much more than expected in the third quarter, the prospects of a rate hike next year seem to get more definite with the greenback continuing to gain consistently against most major currencies. A higher interest rate supports the dollar and is a drag on gold. 

Among data due this week are the consumer confidence index for December from the Conference Board, the weekly jobless claims, the National Association of Realtors' pending home sales index for November and the results of the Institute for Supply Management's national and MNI Indicators' regional manufacturing surveys. 

The S&P Case-Shiller house price index for October, Markit's final US manufacturing index for December and the Commerce Department's construction spending data for November will also be out during the course of the week. 
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