Spot gold prices have edged their way higher Monday extending the gains seen at the end of last week. Spot gold has currently held at $1591.40, just below Friday NY close of $1592.99 with prices so far hitting a session high of around $1599.30, tracking a steadier euro that has so far rallied during Asian traded hours. Comments at the weekend made by Chinese Premier Wen Jiabao have moderately raised hopes of some further policy easing, which has seen the U.S. dollar dip slightly across FX markets, lending some support to dollar priced commodities. At the G8 summit, leaders failed to reach an agreement on how to calm the escalating economic crisis in Europe, though the meeting’s final statement did affirm that they wanted Greece to remain in the eurozone. Spot gold prices remain near their best levels, currently trading $1597.70 up $4.70 from Friday’s NY close, with the market now looking to European trading for some directional bias.
EasyForexNews Research Team