Gold

Gold was near flat on Thursday after two straight sessions of gains as a stronger U.S. dollar index weighed on upside momentum, though the precious metal took some comfort from a steadier Chinese currency. Spot gold was flat at $1,213.05 per ounce. U.S. gold futures for December delivery settled down $1.10, or 0.1 percent, at $1,219.90 per ounce.

Gold has been highly correlated with the yuan in recent weeks, with the Chinese currency acting as a proxy for concerns about U.S.-China trade tensions. The yuan steadied against the dollar as greenback bulls remained wary of potential policy moves to stabilize the Chinese currency.

U.S. jobless claims came in lower than expected in the latest week, signifying a stronger economy and little necessity for safe-haven bids, like non-yielding gold. We maintain our view that gold would be in a holding pattern until more data is released.

Silver

Silver rose 0.4 percent to $15.45 an ounce after hitting six-day highs at $15.51. Still entrapping in current trading range, the white metal will find support and resistance at $15.20 and $15.70 respectively. U.S. Consumer Price Index figures, which are expected early on Friday, will determine the dollar and precious metals.

Dealing Room, ICBC Beijing Branch
                       Huang Han