Gold, silver flat as investors await raft of data

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Prices of gold and silver are treading water early Thursday as investors await a raft of U.S. economic data, including the revised third-quarter gross domestic product numbers.

Price action
  • Gold prices for February delivery were flat at $1,825 per ounce on Comex, according to FactSet data.

  • Silver prices for March delivery were down 23 cents, or 1%, to $23.96 per ounce.

  • Palladium prices due in March rose $48.20, or 2.9%, to $1,715 per ounce, while platinum prices for January fell $2.30, or 0.2%, to $1,008 per ounce.

  • Copper prices for March were flat at $3.80 per pound.

Market drivers

Gold and silver prices have been treading water this week as a six-week-old uptrend appeared to stall, said Jim Wyckoff, senior analyst at Kitco.

“Technically, the gold futures bulls have the firm overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at $1,900.00,” Wyckoff said.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the third estimate of third-quarter GDP, the Chicago Fed national activity index, leading economic indicators and the Kansas City Fed manufacturing survey, Wyckoff said.

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