Spot gold prices are trading moderately higher Tuesday after posting two days of declines. Spot gold ended Monday’s session $5.65 lower at $1774.95/oz after some strength observed in the US dollar applied some pressure to the precious metal. Gold prices managed to hold at lows of $1766.14/oz, posted during Monday’s session, and have since modestly recovered amid some weakening demand for the US dollar, which has continued into the Asian session this morning, although markets ranges remain limited so far. Spot gold continues to trade in consolidation mode, with market participants still yet to see if the precious metal can punch its way through $1800. Gold prices have tentatively edged their way higher in Asian trade this morning, picking up from an intra-day low of $1774.20/oz to a session high of $1779.78 in tandem with a limited improvement in risk assets so far. Spot gold is currently trading $1778 a troy ounce, up $3.05 on the session.
EasyForexNews Research Team