Spot gold prices are trading lower Thursday as prices continue to correct back after their recent run higher. Spot gold ended Wednesday’s session $1.60 lower at $1770.40/oz after some improved demand for the US dollar. This morning has seen gold in a steady decline, moving in tandem with oil prices and FX pair euro-dollar both extending to the downside. The precious metal managed to post a high of $1779.10 during Wednesday’s session, but an alarming drop in oil prices is dragging gold prices lower. Spot gold initially posted highs of $1772.20 during Asian traded hours, but have been in a steady decline since, with the market currently trading on session lows at $1761.90 a troy ounce, down $8.50 on the session.
EasyForexNews Research Team