Gold is trading quietly on Thursday, as the spot price stands at $1196 per ounce. On the release front, US markets are closed for the Thanksgiving holiday, so traders can expect light trading during the day.
The US released a host of key data on Wednesday and the numbers were weak across-the-board. Unemployment Claims jumped to 313 thousand, its highest level since mid-September. Core Durable Goods Orders declined 0.9%, its third decline in four readings. The estimate stood at 0.5%. New Home Sales fell to a 3-month low, dropping to 458 thousand. This was short of the estimate of 471 thousand. Pending Home Sales was no better, declining by 1.1%, well off the estimate of 0.9%. There was better news from UoM Consumer Sentiment, which posted a fourth straight gain, rising to 88.8 points. However, this was short of the estimate of 90.2 points. Despite the disappointing numbers, gold was unable to take advantage and move higher against the dollar.
XAU/USD 1196.54 H: 1199.65 L: 1185.68
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