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- Gold trading higher after yesterday’s slump
Gold trading higher after yesterday’s slump
Gold prices recovered from yesterday's slump in prices which was partly due to the release of data on the US housing market, which disappointed the markets. Sales of existing homes in November fell to a six-month low. This is a sign that the housing market continues to lag, despite the surge in employment and accelerate economic growth. Gold today was gaining ground from 3-week lows as a strong U.S. dollar and stock markets in rally-mode continue to weigh on the precious metal. All eyes are now on U.S. data being published later in the day including GDP for the third quarter, durable goods orders and new homes sales.
Trading volumes are expected to be low this week which could lead to volatile and erratic markets. The precious metal is currently quoted at USD1,179.20, +0,69% a troy ounce.
GOLD currently trading at USD1,179.20
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