Gold prices are lingering around a one-month low on Friday morning in Asia tracking firm dollar overseas following hawkish Fed outlook for next year. Initial Jobless Claims in the US for the week ending December 14 dipped from 242K to 220K, below forecasts of 230K, an indication that the labor market remains solid while the Gross Domestic Product in Q3 ended at 3.1%, above estimates of 2.8% and up from 3% in Q2 further strengthening case for slower easing. Currently, the yellow metal is quoting at $2612.70 an ounce, up 0.18% on the day but set for a weekly decline of over 2%. Still, the metal has surged about 25% this year.

Powered by Commodity Insights