Gold prices "resilient" at $800

Spot gold rose to $803 per ounce in New York yesterday before dropping to $800 today (December 20th).

Commonwealth Bank of Australia commodity analyst David Moore told Reuters that this relatively stable price level indicated that the yellow metal is proving to be "surprisingly resilient" in the face of recent currency shifts.

He added: "One of the key supports, which you know is the fragility of the US dollar, has been less apparent."

Meanwhile, Moneycontrol has stated that the sector could see a significantly "choppy" market as the year draws to a close.

The website indicated yesterday's base metal gains could simply have been "window dressing" ahead of today's expected data on the US GDP for November and jobless claims numbers for the week.

Elsewhere, the Bank of Japan has today released a report indicating that the country's economy is currently growing at a modest rate, although lower housing investment levels have contributed to a slowdown in the pace of expansion.