US gold futures traded flat on Thursday morning, as investors mostly stayed sidelined amid choppy currency dealings after US and German economic data.
December delivery gold was unchanged at $633 an ounce by 9:47 am EDT on the New York Mercantile Exchange's COMEX division, within a range of $629.30 to $635.50.
"The market's just bouncing around," said a New York dealer. "Gold's been very choppy over the last three days because it's thin, although it's still in a narrow range."
Currencies and energy markets were providing gold direction for the most part in light conditions due to summer vacations, traders said. Estimated turnover by 9 am was a paltry 3,000 contracts. Gold is a classic safe-haven investment in uncertain times. Analysts peg support in COMEX December gold at $615 and $600, with resistance at $650.
"The consistent failure of (bullion) to conquer its 100-day moving average does not bode well ... with a dangerous possibility of extending its short-term weak sentiment towards $620 interim support and $600 stronger support levels," Standard Bank said in a daily note.
Spot gold was worth $622.80/624.30 an ounce, up a touch from Wednesday's late New York quote at $622.25/2.75. Thursday's afternoon fix in London reached $623.75.
COMEX September silver rose 4.5 cents to $12.56 an ounce, in a range of $12.37 to $12.6050.
Previously, silver futures shot to a two-week peak at $12.68 amid ongoing speculative demand for the gray metal, spurred in part by the iShares Silver Trust. Spot silver climbed to $12.51/12.61 from Wednesday's late New York quote at $12.47/49. It fixed higher at $12.58.
NYMEX October platinum fell $1 to $1,235.50 an ounce. Spot platinum slipped to $1,225/1,230. September palladium dipped 35 cents to $346.50 an ounce. Spot palladium rose, however, to $344/349.