U.S. 10year bond yields at near 5month low
U.S. existing home sales unexpectedly rise in November

Dec 21 Reuters Gold prices rose on Thursday, helped by a softer dollar and lower Treasury yields, as traders looked to U.S. economic data for more clues on the Federal Reserve39;s monetary policy outlook.

Spot gold was up 0.4 at 2,036.60 per ounce, as of 0442 GMT. U.S. gold futures rose 0.1 to 2,048.60.

Benchmark U.S. 10year bond yields held near a fivemonth month low touched on Wednesday, after British inflation plunged in November to its lowest rate in more than two years.

The dollar was down 0.1 against its rivals, making gold less expensive for other currency holders.

Gold remains supported by the prospect of a global rate cutting cycle, chiefly in the U.S., said Kyle Rodda, a financial market analyst at Capital.com.

From a technical standpoint, prices have lost momentum; there39;s the risk we get a shortterm pullback, especially given the recent push back from Fed officials about the prospect for cuts next year and the potential overbought nature bonds.

A dovish tilt from the Fed in their last policy meeting has prompted traders to pencil in several rate cuts in 2024, starting as early as March.

However, Fed officials have since been pushing back against the idea of rapid rate cuts next year. Lower interest rates decrease the opportunity cost of holding nonyielding bullion.

Focus now shifts to U.S. thirdquarter GDP report and a weekly jobless claims data…