Gold prices were trading around $1,200 Dec. 24 at a relatively flat level due to a slow activity before Christmas, Reuters reported. Positive U.S. consumer spending data reported on December 23 is keeping prices for the precious metal at bay.
Spot gold was at $1,200.14 an ounce, up $1.20 from the previous session.
Gold futures saw larger increases today, with gold for February delivery rising $4.80 to $1,201.80 an ounce, MarketWatch reported.
“Generally, in this holiday scenario, the market tends to firm, as short sellers are less aggressive than their bullish counterparties when it comes to holding a position into an extended market holiday,” Peter Hug, global trading director at Kitco Metals, told MarketWatch.