Spot gold prices are trading marginally higher Wednesday after ending the previous session around unchanged levels. Spot gold ended Tuesday’s session $0.15 higher at $1709.70/oz with many market participants absent from the market due to the disruption caused by
Hurricane Sandy. Key event risks are also keeping the precious metal pinned in a range, with the release of this Friday’s US payroll data the main area of focus, along with next week’s US presidential election. Spot gold prices have been tied to a very narrow trading range this morning with very little movement seen in risk assets so far this morning. Spot gold has edged its way higher from an intra-day low of $1709.10/oz and peaked at around $1713.20/oz a few moments ago, with the market currently seen trading $1712.80/oz, up $3.10 on the session.
EasyForexNews Research Team