Spot gold price on Thursday (12/8) has the opportunity to strengthen, supported by US inflation indicator data, namely the consumer price index, which was released lower than market expectations.

"The results of this data temporarily remove the tapering issue and encourage the weakening of the US dollar so that gold prices strengthen," said Commodity Observer Ariston Tjendra in Jakarta.

As for tonight, the US will release data on other inflation indicators, namely the producer price index for July and data on weekly jobless claims.

If the data above shows improvement, the price of gold could turn lower again because the US dollar strengthens.

Technically, if the price stays above the support range of US$1,740 per troy ounce, the price may have the opportunity to strengthen to the range of US$1,770 per troy ounce.