Gold is currently at $1,071.90 (+0.18%) trading not far from its multi-year low as concerns over geopolitical tensions eased and strong reports on U.S. durable goods orders and activity in the services sector supported expectations of an interest rate hike in December.

Liquidity is likely to be thin today as U.S. markets are on holiday due to Thanksgiving Day. However physical demand picked up in top consumer China. Premiums on the Shanghai Gold Exchange were priced healthy $5-$6 an ounce this morning, up from $3-$4 at the beginning of November.