Spot gold prices are trading in positive territory Wednesday after recovering some ground in the previous session. Spot gold ended Tuesday’s session $10.05 higher at $1747.60/oz underpinned by some weakness observed in the US dollar. Precious metal prices have also edged their back from a correction lower in anticipation that Spain may be one step closer to seeking a bailout after Moody’s affirmed Spain’s Baa3 rating late last night, although assigning a negative outlook, ahead of the eurozone summit set for later this week. The Moody’s announcement has seen a broad lift in risk appetite this morning with the euro posting gains against the US dollar although off the session best levels seen early on. The extended weakness observed in the US dollar has helped spot gold recover to a session high of $1753.25 from an intra-day low of $1746.90, with the precious metal currently seen trading $1752 a troy ounce, up $4.40 on the session.
EasyForexNews Research Team