Spot gold prices are edging their way back to unchanged to lower levels Monday, moving in tandem with a weaker euro. Some bargain hunters in the physical market initially helped prices recover from four month lows during the Asian session, with the precious metal recovering slightly to trade up to a session high at $1585.90 but the buying has now evaporated and prices are now heading lower near their session lows ahead of the European cash equity opening. Spot gold prices are expected to follow the euro and European equity market this morning, with the negative risk bias continuing amid growing uncertainty looming again surrounding Greece. Spot gold is currently trading $1578.70 just under $1 down from Friday’s close.
EasyForexNews Research Team