Spot gold prices are trading marginally lower Thursday after posting some moderate gains during the previous session. Spot gold ended Wednesday’s session $2.55 higher at $1750.15/oz with the majority of market participants remaining on the sidelines ahead of today’s EU gathering in Brussels scheduled to last for two days. Spot gold initially held steady this morning, with the precious metal edging higher to $1751/oz immediately following the release of Chinese Q3 GDP data, which showed economic growth slowed to 7.4% y/y in the third quarter from the previous 7.6%, in line with forecasts by analysts. Spot gold prices have remained tied to a narrow range so far this morning, continuing to meander around $1750, with the market holding at lows of $1748.10/oz to print a session high of $1752.10/oz. Spot gold is currently trading $1748.90 a troy ounce, down $1.25 on the session.
EasyForexNews Research Team