Spot gold prices are little changed Thursday after prices once again tested support around the $1530 level during the previous session. Strong flows into the USD continue to hamper the precious metal, with investors still expressing haven preference towards U.S. Treasuries and German Bonds. Prices have consolidated during this morning’s Asian session remaining in a narrow trading range, edging back slightly from $1564.70 to lows of around $1559.50. Gold picked up from the closely watched $1530/35 level again yesterday with some traders switching some funds out of U.S. Treasuries and haven currency to diversify their books a little, after spot gold price rebounded from critical support for the third time. Market participants are now more likely to remain on the sidelines ahead of tomorrow’s closely watched U.S. jobs report. Spot gold is currently seen trading $1563.40, unchanged on the day.
EasyForexNews Research Team