Spot gold prices are trading modestly lower Monday after prices ended up posting a 2.5% gain during last week’s session, the biggest one
week rise in nearly two months. Prices remain underpinned ahead of this week’s FOMC meeting scheduled for Tuesday and Wednesday, where market participants in the precious metal are fully expecting some sort of stimulus measures from the Federal Reserve after a raft of weak US economic data. Ambiguity on another wave of QE has managed to hold gold in a seesawing holding pattern over the previous sessions, with prices finally breaking to the upside through $1600 during the middle of last week. Spot gold prices have been in a cautious corrective mode so far this morning, shying away from opening high levels of $1626.70 and have just recently printed a fresh intra-day low of $1619.45, with the precious metal currently seen trading $1620.70 a troy ounce, down $2.20 from the NY close.
EasyForexNews Research Team