Spot gold prices are trading moderately higher Wednesday after posting some marginal losses during the previous day. Spot gold ended Tuesday’s session $3.80 lower at $1760.65/oz as prices remained in corrective mode after a stronger showing from the US dollar, which extended after Charles Prosser, president of the Philadelphia Federal Reserve, criticized the latest wave of bond purchases from the US Federal Reserve, saying that additional easing was unlikely to be effective. The comments extended losses observed in some commodity markets and underpinned US dollar prices for the remainder of the session. Spot gold prices have tentatively edged their way back higher so far this morning, picking up from an intra-day low of $1759.15 to highs of $1765.20, amid fairly light trading volume. Spot gold is currently trading $1762.90 a troy ounce, up $2.25 on the session.
EasyForexNews Research Team