Metals Stocks: Gold edges up above $1,800, on track for 3rd weekly gain in last four

by | Dec 23, 2022 | Stock Market

Gold prices edged up past $1,800 per ounce on Thursday as the U.S. dollar softened, setting the yellow metal up to log its third weekly gain over the past four weeks. Price action
Gold for February delivery
GCG23,
+0.52%
gained $10.80, or 0.6%, to $1,806 per ounce on Comex, according to FactSet data.

Silver for March delivery
SIH23,
+1.09%
climbed 34 cents, or 1.4%, to $23.78 per ounce.

Palladium for March delivery
PAH23,
+0.87%
retreated $15.90, or 1%, $1,656 per ounce, while platinum for January
PLF23,
+3.99%
climbed $13, or 1.3%, to $997 per ounce.

Copper prices for March
HGH23,
+0.64%
gained 3 cents, or 0.9%, to $3.79 per pound.

Market drivers Gold traders were awaiting the release of another batch of U.S. inflation data Friday morning, according to analysts at TD Securities.

“We are looking for core PCE prices to have advanced at a consensus-matching 0.2% m/m pace for a second consecutive month in November,” the strategists said in a note to clients. Meanwhile, the ICE U.S. Dollar Index
DXY,
-0.11%,
a gauge of the dollar’s strength against a basket of rivals, was off 0.1% at 104.35

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