Gold pulls back from 9-month high ahead of GDP report


Gold prices traded lower on Thursday after the yellow metal logged its longest winning streak since August as investors awaited U.S. economic data including the first estimate of fourth quarter GDP.

Price action
  • Gold prices for February 


    fell by $6.30, or 0.3%, to $1,936 per ounce on Comex after settling at the highest level for a most-active contract in nine months on Wednesday.

  • Silver prices for March


    declined by 8 cents, or 0.3%, to $23.86 per ounce.

  • March palladium  

    was flat at $1,688 per ounce, while platinum for April

    declined by $5.20, or 0.5%, to $1,040 per ounce.

  • Copper for March

    rose by 1 cent, or 0.2%, to $4.25 per pound.

Market drivers

A slight bump in the U.S. dollar was helping to weigh on prices of precious metals, market strategists said.

“US index futures had pulled back from their earlier highs, along with European indices, while the dollar had found mild support after selling off the day before. This in turn caused gold and silver to edge lower, as yields rose,” said Fawad Razaqzada, a market analyst at City Index and

The ICE U.S. Dollar Index
a gauge of the dollar’s strength against a basket of rivals, rose 0.1% at 101.78.


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