* Gold futures trimmed recent gains Friday, but ended the week and the year in positive territory.
Gold was down USD5.80 at USD1152.30 today, as traders booked profits from a mid-week rally.
* Gold and silver prices ended the first full U.S. day session of the new year with decent gains Tuesday. Bargain hunting in the cash markets and short covering in the futures markets were featured. A sharp rise in the U.S. dollar index overnight did limit buying interest in the gold and silver markets early on, but when the dollar index backed well off its daily high the gold and silver buyers stepped in. February Comex gold was last up $9.10 an ounce at $1,160.70. March Comex silver was last up $0.371 at $16.36 an ounce.
* Gold prices eased on Wednesday after hitting a three-week high in the previous session, with the U.S. dollar hovering near 14-year peaks against a basket of major currencies.
* Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, dropped 1.01 percent to 813.87 tonnes on Tuesday.
* U.S. factory activity accelerated to a two-year high in December amid a surge in new orders and rapidly rising raw material prices, indicating that some of the drag on manufacturing from prolonged dollar strength and a slump in oil prices was fading.
* Other data on Tuesday showed U.S. construction spending hit a 10-1/2-year high in November, providing a boost to a fourth-quarter economic growth estimate. The reports suggested President-elect Donald Trump would inherit a strong economy, with a labour market that is near full employment, from the Obama administration.
Spot gold was down 0.2 percent at $1,156.96 an ounce by 0051 GMT. It marked its highest since Dec. 14 on Tuesday at $1,163.52.
* Gold and silver ended down in Friday trading, but both ended 2016 higher than they started.
Gold gained $89.70 per troy ounce, or 8.46%, to $1150.00, this year. It’s up $18.00, or 1.59%, this week as well. However gold closed down $6.40, or 0.6% today, is off $20.80, or 1.78% for the month, and lost $163.30, or 12.43%, this quarter.
Silver gained $2.16 per troy ounce, or 15.69%, to $15.9360 this year. It’s down 22.70 cents, or 1.40%, today, down 47, cents or 2.86%, this month, and down $3.20, or 16.74%, this quarter.
* Technically, February gold futures prices closed nearer the session high and scored a bullish “outside day” up on the daily bar chart today. The gold bears still have the firm overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,180.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the December low of $1,124.30. First resistance is seen at today’s high of $1,166.00 and then at $1,175.00. First support is seen at $1,150.00 and then at today’s low of $1,146.50. Wyckoff's Market Rating: 2.5
Reference: Reuters, Barron’s, Kitco
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