Gold price steady; U.S. data pace picks up starting Tuesday

New York (Dec 9)  Gold prices are trading near steady in midday U.S. trading Monday. Gold and silver traders are awaiting a fresh fundamental spark to help drive prices. U.S. economic data was scant on Monday but the report tempo rapidly picks up speed beginning Tuesday. February gold futures were last down $0.10 an ounce at 1,465.00. March Comex silver prices were last up $0.064 at $16.66 an ounce.

The world marketplace is seeing just a bit of risk aversion to start the trading week, following weaker economic data coming out of China, the world’s second-largest economy. China’s exports fell 1.1% in November, year-on-year, including shipments to the U.S. declining 23% in the period. China’s exports were seen up 1.0% in November. Imports were up 0.3% in the same period, and were expected to be unchanged.

The U.S. economic highlight of the week is the Federal Reserve’s Open Market Committee meeting (FOMC) that begins Tuesday morning and ends Wednesday afternoon with a statement. The Fed is expected to make no changes in its monetary policy. The European Central Bank also meets on monetary policy Thursday.

Goldman Sachs is recommending investors buy some more gold in the coming months, due to stubbornly low global bond yields, the higher potential for stock market turbulence and the keener uncertainty of the 2020 U.S. presidential election.

The key “outside markets” today see the U.S. dollar index slightly weaker. Meantime, Nymex crude oil prices are slightly lower and trading around $59.00 a barrel.

KitcoNews