Gold Price Backs Down From Daily Highs After Upbeat US Data

New York (Dec 27)  Gold prices are still holding modest gains in late-morning trading Tuesday. However, prices have weakened from overnight highs after some stronger-than-expected U.S. economic data was just released. The consumer confidence index reading for December came in at 113.7 versus 109.4 in November. The December number was the highest in over 15 years. The just-released Richmond Fed business survey also beat market expectations. February gold was last up $4.80 an ounce at $1,138.30.

Spot silver totally flat at $15.84, while spot palladium surged $13 to $677 on short-covering and bargain hunting.

Source: KitcoNews