Gold continues to move higher during Christmas week, and has climbed to its highest level since the end of November. In Thursday’s North American session, the spot price for an ounce of gold is $1294.44, up 0.56% on the day. On the release front, today’s key indicator was unemployment claims, which remained unchanged at 245 thousand. This was higher than the estimate of 240 thousand.
The US dollar is broadly lower on Thursday, and gold has taken full advantage, posting considerable gains. Gold has jumped 3.0% percent since December 11, and is within striking distance of the symbolic $1300 level, which was last breached in late October.
In the U.S, the first key indicators of the holiday week were mixed. CB Consumer Confidence slowed to 122.2, well off the estimate of 128.2 points. Pending Home Sales posted a small gain of 0.2%, beating the estimate of -0.4%. Housing numbers continue to beat expectations. Last week, Housing Starts came in at 1.30 million, beating the forecast of 1.25 million. On Tuesday, New Home Sales sparkled, with a gain of 733 thousand. This easily beat the estimate of 654 thousand, and was the highest reading since September 2007. On Thursday, the US releases unemployment claims, which is expected to drop to 241 thousand.
US housing numbers continue to beat expectations, as Pending Home Sales surprised the markets with a gain of 0.2%. Last week, Housing Starts came in at 1.30 million, beating the forecast of 1.25 million. On Tuesday, New Home Sales sparkled, with a gain of 733 thousand. This easily beat the estimate of 654 thousand, and was the highest reading since September 2007. On Thursday, the US releases unemployment claims, which is expected to drop to 241 thousand
