Gold prices edged higher on Wednesday as grim U.S. consumer and housing data bolstered hopes for further stimulus to support an economic recovery from the pandemic-induced slump.
FUNDAMENTALS
*Spot
gold rose 0.2% to $1,863.83 per ounce by 0027 GMT, while U.S.
gold futures fell 0.1% to $1,868.10.
* A new coronavirus strain in the UK has caused several countries around the world to shut their borders to Britain and drugmakers to scramble to test their COVID-19 vaccines against it.
* Weekly COVID-19 infections rose by the highest since the pandemic began, with the United States reporting the most number of cases for any single country, the World Health Organization said on Tuesday.
* U.S. Congress passed a massive COVID-19 aid and government funding package overnight aimed at bolstering the nation’s battered economy.
* Data on Tuesday showed U.S. consumer confidence dropped to a four-month low in December, while U.S. existing home sales also fell in November.
* The U.S. economy grew at a record pace in the third quarter, the Commerce Department said, revising up its estimate for gross domestic product.
* U.S. President-elect Joe Biden said his administration would put forward another COVID-19 relief package next year, including a new round of stimulus payments.
* The European Union is ready to continue negotiations with Britain past the end of the year, sources said after an update on Brexit by the bloc’s negotiator, Michel Barnier.
* SPDR
Gold Trust the world’s largest
gold-backed exchange-traded fund, said its holdings fell 0.20% to 1,167.53 tonnes on Tuesday from 1,169.86 tonnes on Monday.
* Silver rose 1% to $25.38 an ounce. Platinum rose 0.5% to $1,007.11 and palladium gained 0.2% to $2,318.12.
DATA AHEAD(GMT)
1330 US Nov. Consumption, Adjusted
1330 US Nov. Durable Goods
