LONDON — Gold prices slipped Wednesday, adding to selloffs that followed strong U.S. gross domestic product data.
Spot gold GCG5, -0.16% shed $1, or 0.1%, to trade at $1,177 an ounce.
Gold “is struggling to stay above the support of $1,180 and there is a constant battle to hold this ground among bulls and bears,” said Naeem Aslam, chief analyst at Avatrade.
Data released Tuesday showed that the U.S. economy grew 5% on annualized basis in the third quarter, above economists’ estimates. However, U.S. durable goods orders fell 0.7% in November, in stark contrast to analysts’ expectations for a 3% rise.
Thin trading volumes on Christmas Eve have allowed individual trades to have a greater impact on prices.
Elsewhere in the metals complex, silver SIH5, +0.08% was up 0.2% at $15.93 an ounce, while platinum PLF5, -0.13% turned 0.1% lower to $1,191 an ounce. Palladium PAH5, -0.12% was down 0.8% at $807.40 an ounce.
