SINGAPORE, Dec 24 (Reuters) - Gold rose only slightly on
Thursday, after two days of losses, as the metal struggled to
find direction in thin pre-holiday trade amid conflicting cues
from the currency, equities and energy markets.
FUNDAMENTALS
* Spot gold XAU= rose 0.2 percent to $1,072.10 an ounce by
0037 GMT, after losing 0.7 percent in the last two sessions.
* Many financial centres around the world will shut early on
Thursday and stay closed on Friday for the Christmas holidays.
Some will remain shut on Monday.
* On Wednesday, Wall Street rallied, U.S. Treasury yields
rose and the dollar edged up after a three-day losing streak.
* Strong equities and dollar typically suppress demand for
safe-haven gold.
* But the metal found some support in the energy markets, as
oil rose more than 3 percent on Wednesday following a drop to
multi-year lows earlier in the week. O/R
* Gold is positively correlated to oil as the metal is seen
as a hedge against oil-led inflation.
* Mixed U.S. economic data also did not help gold find
direction.
* New orders for U.S. manufactured capital goods fell in
November and the prior month's increase was revised sharply
lower. But other data on Wednesday showed consumer sentiment at
a five-month high in December and personal income rising for an
eighth straight month in November.
* Gold prices have shed 9 percent so far this year, a third
year of losses, mostly due to expectations the U.S. Federal
Reserve would raise interest rates, which it did this month.
* With the first U.S. rate increase in nearly a decade out
of the way, the focus is now on the pace of future hikes.
* For the top stories on metals and other news, click
TOP/MTL or GOL
MARKET NEWS
* The dollar, euro and yen got off to a subdued start on
Thursday in what is likely to be a languid session with much of
the Western world already shuttered for the Christmas and
year-end holidays.
DATA AHEAD (GMT)
1330 U.S. Weekly jobless claims
PRICES AT 0037 GMT
Metal Last Change Pct chg
Spot gold 1072.1 2 0.19
Spot silver 14.33 0.035 0.24
Spot platinum 870.62 3.25 0.37
Spot palladium 551.47 -0.43 -0.08
Comex gold 1071.4 3.1 0.29
Comex silver 14.325 0.038 0.27
COMEX gold and silver contracts show the
most active months
Thursday, after two days of losses, as the metal struggled to
find direction in thin pre-holiday trade amid conflicting cues
from the currency, equities and energy markets.
FUNDAMENTALS
* Spot gold XAU= rose 0.2 percent to $1,072.10 an ounce by
0037 GMT, after losing 0.7 percent in the last two sessions.
* Many financial centres around the world will shut early on
Thursday and stay closed on Friday for the Christmas holidays.
Some will remain shut on Monday.
* On Wednesday, Wall Street rallied, U.S. Treasury yields
rose and the dollar edged up after a three-day losing streak.
* Strong equities and dollar typically suppress demand for
safe-haven gold.
* But the metal found some support in the energy markets, as
oil rose more than 3 percent on Wednesday following a drop to
multi-year lows earlier in the week. O/R
* Gold is positively correlated to oil as the metal is seen
as a hedge against oil-led inflation.
* Mixed U.S. economic data also did not help gold find
direction.
* New orders for U.S. manufactured capital goods fell in
November and the prior month's increase was revised sharply
lower. But other data on Wednesday showed consumer sentiment at
a five-month high in December and personal income rising for an
eighth straight month in November.
* Gold prices have shed 9 percent so far this year, a third
year of losses, mostly due to expectations the U.S. Federal
Reserve would raise interest rates, which it did this month.
* With the first U.S. rate increase in nearly a decade out
of the way, the focus is now on the pace of future hikes.
* For the top stories on metals and other news, click
TOP/MTL or GOL
MARKET NEWS
* The dollar, euro and yen got off to a subdued start on
Thursday in what is likely to be a languid session with much of
the Western world already shuttered for the Christmas and
year-end holidays.
DATA AHEAD (GMT)
1330 U.S. Weekly jobless claims
PRICES AT 0037 GMT
Metal Last Change Pct chg
Spot gold 1072.1 2 0.19
Spot silver 14.33 0.035 0.24
Spot platinum 870.62 3.25 0.37
Spot palladium 551.47 -0.43 -0.08
Comex gold 1071.4 3.1 0.29
Comex silver 14.325 0.038 0.27
COMEX gold and silver contracts show the
most active months