Spot gold prices are trading marginally higher Friday extending their gains from the previous session. Spot gold ended Thursday’s session $12.40 higher at $1790.40/oz after comments from the ECB hinted that new bond purchases may be on the way. Prices in the precious metal followed the euro higher as the currency continued its upwards momentum after ECB President Mario Draghi reiterated that the euro was irreversible. Spot gold prices have remained in a narrow range so far this morning, with the market in consolidation mode ahead of key US jobs data due later today at 1230GMT. The precious metal has posted an 11-month high this morning, picking up from a session low of $1790.30/oz to an intra-day high of $1796.10/oz. Prices remain fairly well underpinned despite the US dollar tentatively recovering some of its losses observed during the previous session. Spot gold now trades at $1792.20 a troy ounce, up $1.80 on the session.
EasyForexNews Research Team