Gold Eases Below $1060 In Cautious Trade

Gold prices were slightly lower but settled within a tight recent trading range on Wednesday, as traders moved to the sidelines ahead of the New Year’s break.

February gold settled $8.20, or 0.8%, lower at $1,059.80/oz.

Gold touched a 6-year low of $1045 earlier in December in anticipation of the Federal Reserve’s mid-month interest rate hike.

Although markets are open Thursday, volumes are expected to be very light amid a lack of catalysts.

An indicator of future home sales unexpectedly declined in November, indicating the third decline in the last four months.

The National Association of Realtors’ pending home sales index fell 0.9 percent in November. Economists had expected an increase for the month.

The material has been provided by InstaForex Company – www.instaforex.com

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