Spot gold prices are trading in positive territory Wednesday, extending their gains from the previous day. Spot gold ended Tuesday’s session $10.55 higher at $1772/oz after prices had previously corrected lower in tandem with an alarming fall in oil prices, which has been attributed to October’s options expiry and a large order hitting the market amid poor market depth. Gold prices have been on a steady move higher since holding at an intra-day low of $1765.25, posted during the second half of this morning’s Asian session. Prices in the precious metal are moving in tandem with a pickup in FX pair euro-dollar, which is now edging its way back towards $1.3100. Spot gold is now trading near its session high of $1777.75 which traded a few moments ago, now $1777.30 a troy ounce, up $5.30 on the session.
EasyForexNews Research Team