REPUBLIKA.CO.ID, JAKARTA -- Gold futures prices on the COMEX division of the New York Mercantile Exchange were essentially unchanged on Thursday (25/1/2024) amid better-than-expected economic data.
The most active gold contract for February delivery rose 1.8 dollars, or 0.09 percent, to 2,017.80 dollars an ounce.
Analysts argue the market needs more data to assess the trend in gold prices in the short term.
Economic data released on Thursday (25/1) were mixed. The U.S. Commerce Department reported that U.S. gross domestic product grew 3.3 percent in the fourth quarter of 2023, well above the market consensus forecast of 2 percent.
Meanwhile, the U.S. Labor Department reported that initial U.S. claims for unemployment benefits rose 25,000 claims to 214,000 in the week ended January 20, the highest level in a month. Economists had previously expected claims to rise to 200,000 claims.
The U.S. Commerce Department reported that U.S. durable goods orders were virtually unchanged in December at 5.4 percent, after surging by 5.5 percent in November. Economists had earlier expected durable goods orders to jump by 1.1 percent.
The Commerce Department also reported that new home sales in the U.S. rose 8 percent to an annual rate of 664,000 units in December from a revised 615,000 units in November.
Meanwhile, the European Central Bank (ECB) kept key interest rates unchanged at the highest level in two decades of eurozone history.
On the other hand for other precious metals, silver for March delivery rose 3.80 cents, or 0.17 percent, to $22.927 an ounce. Platinum for April delivery fell 20.40 U.S. dollars, or 2.23 percent, to 894.50 dollars an ounce.
