Spot gold prices are trading in negative territory Thursday, with the market currently trading $1647.40 down $6.10 on the session. Spot gold has edged it’s way lower for the majority of the Asian session, with the precious metal under pressure amid a strengthening USD buoyed by concerns of Europe’s debt crisis flaring up once again. Prices edged their way up to unchanged levels at $1653.40 before some selling interest saw gold trade down to $1647.60. Prices continue to move in tandem with other risk assets and the market is likely to track European stocks this morning ahead of the rate decision by the European Central Bank later in the day. The physical market in Asia remains quiet with Tokyo absent due to a public holiday and dealers reporting limited interest whilst prices remain in a fairly tight range.
EasyForexNews Research Team