Gold is moving in a narrow range as traders await economic ‎data

Gold rose today, Thursday, supported by the weakness of the dollar amid weak trading due to the holiday season, but prices moved in a narrow range as market participants await economic data in search of more guidance.

According to Reuters, gold rose in spot transactions by 0.2 percent, to $ 1818.40 an ounce, by 0225 GMT. US gold futures rose 0.1 percent to $1,827.70.

The US currency index fell 0.2 percent, making gold cheaper for holders of other currencies

US third-quarter GDP and weekly jobless claims numbers are due at 1330 GMT. Traders will also look at the personal consumption expenditures data due on Friday, looking for signs of inflation

“Gold is holding in a range while trading is thin and investors are in a wait-and-see mode,” said Edward Meir, analyst at ED&F Man Capital Markets. Personal consumption expenditures data will be important, and if inflation continues to decline, the dollar will weaken further and gold will gain more stability.

The yellow metal is considered a hedge against inflation, but the rise in interest rates affected its attractiveness because it does not generate a return.

The Federal Reserve (the US central bank) cut the pace of raising interest rates to 50 basis points in December, after four consecutive increases of 75 basis points. However, Fed Chairman Jerome Powell indicated that the US central bank will rate more hikes next year.

Gold has gained about $200 since the metal fell to its lowest level in more than two years in late September, as expectations of a slowdown in interest rate hikes made the dollar less attractive.

As for other precious metals, silver rose in spot transactions by 0.2 percent to $ 24.00, and platinum increased by 0.9 percent to $ 1007.13, while palladium settled at $ 1,692.38.