21.12.202308:57:00UTC+00Gold Holds Steady Ahead Of US GDP Data

Gold prices held mostly steady on Thursday as the dollar struggled for direction and U.S. 10-year treasury yields hit five-month trough amid uncertainty over when the Federal Reserve will begin trimming interest rates.

Spot gold rose 0.2 percent to $2,035.30 per ounce, while U.S. gold futures were marginally lower at $2,046.60.

Gold is seeing some safe-haven demand amid growing geopolitical tensions involving China-Taiwan as well as worries about maritime trade disruptions in the Red Sea and a rapid rise in new Covid-19 cases.

Trading later in the day may be impacted by reaction to a slew of U.S. economic data, including reports on weekly jobless claims, Philadelphia-area manufacturing activity and leading U.S. economic indicators.

The third-estimate GDP for the third quarter is due, which is expected to match the previous estimate of 5.2 percent.

There is a lot of focus on the U.S core personal consumption expenditure (PCE) index data due on Friday, heading into the holiday season.