Gold prices above $1,800 before US economic data release

Gold prices rose marginally today, Dec. 23, exceeding the $1,800 level, before the release of US economic data, amid the latest developments of the pandemic.

On Wednesday, the US Food and Drug Administration (FDA) agreed to grant an emergency use license to Pfizer Inc.'s Paxlovid drug to treat COVID-19.

Later today, the Bureau of Economic Analysis will reveal data on durable goods orders for November, where expectations are for a rise of 1.9%.

The US Department of Labor is also scheduled to release unemployment claims data for last week, with expectations of a record 200,000.

Gold futures contracts for February delivery rose 0.3% to reach $1,807.40 per ounce at 10:25am Makkah time. Spot price for the yellow metal rose by 0.1% to reach $1,805.96 per ounce.

Elsewhere, silver futures for March delivery fell 0.3% to reach $22.88 an ounce. Spot price for platinum delivery rose by 0.7% to reach $974.67, while palladium fell 2.3% to reach $1,846.50 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 96.076 points.