The price of gold was ticking higher Thursday morning as traders speculate demand pick-up just ahead of Chinese New Year.
Meanwhile, macroeconomic data of China showed Chinese exports rebounded strongly in December from a three-month low. China's exports soared 14.1 percent in the month from a year earlier, the fastest pace in seven months, data released by the General Administration of Customs showed. The outcome was much stronger than the 5 percent increase forecast by economists.
Gold for February delivery, the most actively traded contract, gained $8.80 to $1,664.30 an ounce. Yesterday, gold settled lower as the U.S. dollar turned higher against a basket of foreign currencies.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,339.84 tons.
Meanwhile, the U.S. dollar was hovering around its three-week high versus the euro and sterling. The buck continued to trade around its 2-year high versus the yen and ticking lower against the Swiss franc.
In economic news from the euro zone, the Bank of England maintained quantitative easing at GBP 375 billion and the interest rate at a record low 0.50 percent.
The European Central Bank is set to announce its interest rate decision at 7.45 a.m ET. The central bank is seen holding its key interest rate at 0.75 percent. ECB President Mario Draghi will hold a regular press conference at 8.30 am ET.
The prices of silver and platinum were moving higher in morning deals.
From the U.S, the Labor Department will release its weekly jobless claims data at 8.30 a.m ET. Economists expect claims to have declined to 362,000 from 372,000 in the previous week.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.