Gold price stabilizes in anticipation of US statistics release

The price of gold stabilized on Wednesday morning, as investors did not make any sharp movements before Christmas and awaited the publication of the final estimate of the US GDP last quarter, which may affect financial markets and demand for the precious metal, Report informs.

The cost of the February gold futures on the New York Comex Exchange increased by $0.05 to $1,788.75 per troy ounce.

Today, the estimate of the US GDP for the last quarter is expected to be published. Analysts predict that the country's Department of Commerce will maintain a growth estimate of 2.1% year-over-year.

These statistics can affect the USD rate, to which gold is sensitive, as well as provide clues about the future policy of the US Federal Reserve, which is also important for all commodity and financial markets.