Spot gold prices are trading in positive territory Thursday after posting another set of losses the previous day. Spot gold ended Wednesday’s session $5.70 lower at $1701.95 after prices slipped briefly below $1700/oz almost $100 lower from their 11-month peak of $1795.69/oz posted in early October. Markets showed little reaction to last night’s FOMC meeting where, as expected, no changes were made to its interest rate forecast or bond purchase program. Officials said household spending advanced but the unemployment remains. Gold prices have picked up from session lows of $1701.40 posted early on during Asian traded hours and have since advanced to session highs a few moments ago, in tandem with some early European demand for FX pair euro-dollar which has moved back higher through $1.3000 despite this weeks dismal PMI for the eurozone and Germany’s weaker than expected IFO report. Spot gold continues to extend its gains, now trading $1713/oz, up $11.05 on the session.
EasyForexNews Research Team