Gold remains unresponsive to disappointing US economic data

Gold price did not react to weak US economic data, or to the Weaker USD and ended tradinf virtually unchanged yesterday.

The precious metal continues to trade around $1070 per troy ounce today morning. Market is clearly convince that the US Fed would hike its near zero interest rates in its December 14 meeting, whatever the data situation is.

"This is doubtless putting pressure on the price and is likely to preclude any recovery in the next two weeks. Once the Fed has begun its rate hikes, however, the uncertainty should abate and the gold price should be able to rise again", says Commerzbank in a research note.