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Bullion Holds Onto Its Tuesday’s Gains, Watch Friday’s PCE Price Data

GOLD

Gold prices rose 1.7% on Tuesday to close to its December 13 high, as the JPY rallied and the USD fell after the surprise BoJ YCC adjustment. It has held onto those gains only falling 0.2% during today’s session. Bullion is now trading around $1814.90/oz.

  • Gold has been in a very narrow range today reaching a high of $1819.82 and a low of $1813.79. If it clears the December 13 high of $1824.50, then it would be at its highest since the end of June.
  • In the US today, December consumer confidence and existing home sales for November print. The focus is likely to be on Friday’s personal consumption data which includes the Fed’s preferred measure of inflation for November, the core PCE – price index.
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