US gold and silver futures closed with slight losses on Wednesday while platinum and palladium rose in trade muted by the holiday-shortened week. The markets seemed to lack energy as traders merely squared away positions before year-end, tracking currencies and shrugging off a stronger-than-expected US GDP report in the morning.
"With a bundle of data out tomorrow, there are still plenty of opportunities for price moves," said James Moore at TheBullionDesk.com. "But, as a whole, the current $435-444 range should provide ample trading opportunities, with the prospect of 'safe-haven' positioning ahead of the Christmas holiday continuing to limit downside risk."
New York metals will shut early at about noon EST (1700 GMT) on Thursday and will remain closed Friday in observance of Christmas, which falls on Saturday this year.
Estimated volume amounted to a sleepy 25,000 contracts.
February delivery gold at New York Mercantile Exchange's COMEX division fell $1.50 to conclude at $441.40 an ounce, after trading from $444.20 to $440.10.
A metals broker and analyst said, "There's nothing happening as the currencies are mixed against the dollar."
Gold tends to move in opposition to the dollar as many global investors use it an alternative to the US currency.
Midafternoon in New York, the euro bought $1.3386, which was little changed from Tuesday's late levels.
Gold, often viewed as a store of value for investors, has risen sharply this year on a weak dollar and economic and geopolitical uncertainty. February futures hit a 16-year high of $458.70 on December 2.
The metal could top $500 in 2005, analysts have said, as the euro is seen advancing toward $1.50, and gold's positive fundamentals like lower mine production, fewer central bank sales, and less hedging from miners, also could lend support, they said.
Near-term support in COMEX February gold was pegged at $437 and $432.90 with resistance at $444.40 and $448.20.
On the data front, the US Commerce Department said gross domestic product, the measure of goods and services production within US borders, grew at a strong 4 percent annual rate in the July-September quarter, beating economists' forecasts for 3.9 percent and higher than the second quarter's 3.3 percent rate.
Markets were looking for inspiration from data due Thursday on US jobless claims, durable goods, University of Michigan consumer sentiment and new home sales.
Spot gold was last at $439.20/9.95, below Tuesday's New York close at $441.30/2.10. Wednesday's afternoon fix in London reached $441.
Holdings of gold in the US exchange-traded fund streetTRACKS, which is backed by bullion, were unchanged at 88.64 tonnes as of Tuesday.
In silver, March futures settled down 9.2 cents at $6.835 an ounce after trading $6.965 to $6.82. Spot slid to $6.77/80 from $6.87/90 previously. Wednesday's fix was at $6.845.
NYMEX January platinum rose $2.20 to $843.70 an ounce. Spot platinum was stable at $830.50/844.50.
March palladium gained $2.05 to $187 an ounce. Spot fetched $182/186.
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