Gold holds above $1200 an ounce
Bullion metals ended mixed at Comex on Tuesday, 30 December 2014 at Comex. Gold looked set to finish the year on a high note on Wednesday, holding above the key $1,200 mark ahead of the New Year's Day holiday and essentially breaking even for 2014.
Gold for February delivery advanced $2 to $1,202.40 an ounce, just a dime above its 2013 close of $1,202.30 an ounce. Gold prices have tumbled from $1,379 an ounce earlier this year, dragged down by sluggish demand from Asia and a stronger dollar.
Silver for March delivery lost 4 cents to $16.24 an ounce after a strong showing in Tuesday's session.
On the economic front, a trio of reports were due later in the day, beginning with initial weekly unemployment claims, followed by the Chicago Purchasing Managers Index for December and pending home sales for November.
The Conference Board's Consumer Confidence Index increased to 92.6 in December from an upwardly revised 91.0 (from 88.7) while the consensus expected an increase to 94.4. Over the last month, gasoline prices dropped to their lowest point in more than five years, equity markets have reached historic highs, and the employment situation improved notably, but the December reading came in below the 94.1 that was recorded in October.
The Case-Shiller 20-city Home Price Index for October rose 4.5% against a 4.4% increase expected by the consensus. The prior month's reading was revised down to 4.8% from 4.9%.
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