Gold prices held steady in holiday-thinned trade on Thursday, as a weaker offset renewed risk appetite fuelled by an encouraging Omicron study and increased optimism around the global economic outlook.
FUNDAMENTALS
* Spot gold was little changed at $1,806.85 per ounce by 0218 GMT. U.S. gold futures were up 0.3% at $1,808.20.
* The metal was set for a second weekly gain at 0.5%.
* A South African study suggested reduced risks of hospitalisation and severe disease in people infected with the Omicron variant versus the Delta one.
* The United States on Wednesday authorised Pfizer Inc’s antiviral COVID-19 pill for people aged 12 and older at risk of severe illness.
* U.S. stock indexes closed broadly higher overnight after investors cheered positive economic data and the White House said it was resuming talks on a massive social spending and climate change bill with a holdout senator.
* The dollar index hovered near a one-week low against riskier currencies and asset classes, making gold less expensive for holders of non-U.S. currencies.
* Investors took stock of data showing U.S. economic growth slowed sharply in the third quarter amid a flare-up in COVID-19 infections, although activity has since picked up, putting the economy on track to record its best performance this year since 1984.
* Spot silver was up 0.1% at $22.80 an ounce, platinum rose 0.3% to $968 and palladium fell 0.7% to $1,868.94.
DATA/EVENTS (GMT)
1330 US Durable Goods Nov
1330 US Initial Jobless Claim Weekly
1500 US U Mich Sentiment Final Dec
1500 US New Home Sales-Units Nov
n/a Japan BOJ Governor Haruhiko Kuroda at the Meeting of Councillors of Nippon Keidanren in Tokyo