Spot gold prices are trading around unchanged levels Friday consolidating in a tight range after yesterday’s gains. Spot gold closed Thursday’s session at $1615.10 a troy ounce, up $12 from the previous close, supported by some heightened hopes of some stimulus action from the ECB after German Chancellor Angela Merkel expressed some support for ECB President Mario Draghi’s pledge to do everything in its power to hold the eurozone together, despite recent meetings yielding nothing of any significance. Physical demand for gold remains sluggish, with prices purely being fuelled by speculation that various central banks may introduce fresh stimulus measures on the market in the near future, although many questions remain over whether the US Federal Reserve will do anything of the sort at its next meeting scheduled for Sept 12-13. Gold prices have been in a tight range so far this morning, with metals brokers reporting zero activity in terms of flows so far. Spot gold held at lows of $1615.50 and has an intra-day high of $1618.05 so far, with the precious metal currently trading $1616 a troy ounce.
EasyForexNews Research Team