Gold Rises But Remains below $1,200

Gold futures moved higher in thin trade Tuesday, heading toward the Christmas break on a rare upbeat note, though prices remained stuck under the $1,200 level.

Gold for February delivery GCG4 +0.17% added 90 cents, or 0.1%, to $1,197.90 an ounce in electronic trade, while March silverSIH4 -0.22%  gave up 5 cents, or 0.3%, to $19.37 an ounce.

A day earlier, gold futures came under further pressure, finishing below $1,200 an ounce after data showed U.S. consumer spending rose a seasonally adjusted 0.5% in November, the fastest pace since June and in line with forecasts.

Debbie Carlson of Kitco News wrote that gold prices could turn in some mixed sessions over the next week or so.

“As gold looks ahead to the last trading days of 2013, a tug-of-war may develop in the market, as some market participants square off books to close out the year, and others may seek to position themselves for a potential break of this year’s lows,” she wrote.

Elsewhere in metals trading, January platinum PLF4 -0.06%  lost 50 cents to $1,326.90 an ounce, while March palladium PAH4 -0.01%  rose $1.74, or 0.3%, to $696.50 an ounce.

High-grade copper for March delivery HGH4 +0.32%  held steady at $3.31 a pound.

Source: Marketwatch