Azernews.Az

By Bloomberg

Gold traded near a three-week high and silver rallied before data forecast to show the U.S. economy grew at a slower pace during the third quarter.

A U.S. home-price gauge is due today, along with the Federal Reserve’s preferred inflation measure. The American economy probably expanded at a 3.3 percent annualized rate in the third quarter, compared with an initial reading of 3.5 percent, according to a survey of economists.

Gold for February delivery rose 0.3 percent to $1,199.60 an ounce on the Comex by 7:33 a.m. in New York. Bullion for immediate delivery rose 0.2 percent to $1,199.84 an ounce, according to Bloomberg generic pricing.

Futures trading volumes were 96 percent more than the 100- day average for this time of day, according to data compiled by Bloomberg.

Holdings in gold-backed exchange-traded products rose 1.6 metric tons to 1,617.8 tons as of yesterday, gaining for a second day, according to data compiled by Bloomberg.

Silver for delivery in March advanced 0.9 percent to $16.6393 an ounce.

On the New York Mercantile Exchange, platinum for January delivery climbed 0.9 percent to $1,218.60 an ounce. Palladium for March gained 0.6 percent to $796.35 an ounce.

Platinum and palladium supply probably will fall short of demand for a fourth year in 2015 as more usage in vehicles helps compensate for rebounding South African mine output, Johnson Matthey Plc said yesterday.

“Thanksgiving is two days off and it probably is time for the market to take a bit of a breather, consolidate around here if it can and see what December brings,” David Govett, head of precious metals at brokerage Marex Spectron in London, said in an e-mailed note. “The dollar will play an important part and if that moves, then so will the precious complex.”