Gold Futures Roughly Flat As Traders Look For Direction

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Gold prices are roughly flat Wednesday morning, as investors continue to look at riskier assets amid hopes the rollout of coronavirus vaccines and U.S. fiscal stimulus result in economic recovery gaining some momentum.

A weak dollar is supporting the yellow metal a bit, but traders remain somewhat reluctant to create significant long positions in the commodity.

The dollar index is down 0.25% at 89.77, after falling to a low of 89.68.

Gold futures for February are up $0.10 or 0.01% at 1,883.00 an ounce, coming off a high of $1,890.10.

Silver futures for March are gaining $0.218 or 0.82% at $24.435 an ounce.

On the economic front, data on pending home sales for the month of November, and Chicago PMI for December are due this morning.

Meanwhile, reports say the volume of various COVID metrics in the United States rebounded on Wednesday, with number of deaths and total hospitalizations in the country rising to new highs.

The authorities have also confirmed the first known case of the new Covid-19 variant in the United States. According to experts, the new variant is considered to be more transmissible than the previous strains of coronavirus.

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

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