Gold futures closed a bit higher Thursday before the Christmas break, but booked the first weekly drop in about a month.
Precious metals traders are monitoring the trajectory of a U.S. coronavirus tax assistance package passed by Congress on Monday but currently unsigned on President Donald Trump’s desk.
“The market remains provisional on this last trading day of the shortened week,” Jim Wyckoff, senior analyst at Kitco.com, wrote in a daily research note.
“President Trump unexpectedly vetoed a major US defense spending bill on Wednesday and suspended a financial stimulus package for Americans that Congress passed earlier this week,” he said. he writes.
Bullish gold traders anchored higher price expectations on adopting an aid package that could boost appetite for bullion as a hedge against the government’s attempts to spur economic growth with higher prices. expenses. On Thursday, however, Republicans in the House defied the president and blocked a Democrat-introduced bill that would have sent $ 2,000 checks to individuals under the coronavirus financial assistance program.
February or GCG21,
traded $ 5.10, or 0.3%, up to $ 1,883.20 an ounce, following a 0.4% gain on Wednesday, ending a three-session drop.
Money for delivery in March SIH21,
meanwhile, lost 1.3 cents, or 0.05%, to end at $ 25.908 an ounce, after rising 1.5% in the previous session.
For the week, gold lost 0.3%, breaking a streak of three consecutive weekly gains, while silver ended down 0.3%, according to FactSet data, following the most active contracts .
Metals trading settled an hour earlier Thursday at 12:30 p.m. EST before Christmas when markets will remain closed.
In industrial metals, mars copper HGH21,
added just over half a dime, or 0.2%, to settle at $ 3.5625 a pound, following a 1% gain on Wednesday. Copper posted a weekly loss of 1.9%, based on last Friday’s closing value for the most active contract.
Elsewhere on Comex, January platinum PLF21,
closed trade at $ 1,028.90 an ounce, again $ 11.80, or 1.2%, after rising 0.8% a day ago. The metal posted a weekly decline of 1.4%.
Mars palladium PAH21,
recovered $ 6.80, or 0.3%, to close at $ 2,345.90 an ounce, following a 0.7% gain on Wednesday, with a weekly decline of 1.1%.