BULLION LATEST 29/12: Gold price up amid higher US unemployment claims

The spot gold price was quoted at $1,295.20-1,295.60 per oz as of 03:16 BST, up $1.45 from the previous session’s close. Trade has ranged at $1,293.75-1,296.30 so far today.

US weekly unemployment claims were higher than the forecast for December at 245,000 while goods trade balanced data was level with expectations and preliminary wholesale inventories for November were recorded at 0.7%, up from the 0.4% forecast. 

The numbers also put pressure on the dollar index, which has down by 0.07% at 92.60 as of 10:58am Shanghai time.

Silver, PGMs
In the other precious metals, the spot silver price rose $0.027 to $16.840-16.860 per oz. Platinum increased $4 to $924-929 per oz and palladium gained $3 to $1,067-1,072 per oz.

On the Shanghai Futures Exchange, gold for June delivery was recently at 278.00 yuan ($42.66) per gram, and the June silver was at 3,889 yuan per kg.

Currency moves and data releases

• The dollar index was down by 0.07% at 92.60 as of 10:58am Shanghai time.
• In other commodities, the Brent crude oil spot price was up 0.31% at $66.48 per barrel while the Texas light sweet crude oil spot price inched up 0.34% to $60.16.
• In equities, the Shanghai Composite was up 0.19% to 3,302.28.
• In data, US weekly unemployment claims were higher than the forecast for December at 245,000 while goods trade balanced data was level with expectation and preliminary wholesale inventories for November were recorded at 0.7%, up from the 0.4% forecast.
• In data today, EU’s M3 money supply and private loan numbers are due later.