Spot gold prices are trading lower Friday, extending their reclines from the previous day. Spot gold ended Thursday’s session $6.15 lower at $1714.20/oz after US data showing an increase in private employment, a drop in jobless claims and a sharp improvement in consumer confidence signalled an improvement in the world’s largest economy, providing a boost to the USD. Spot gold prices had managed to post a session high of around $1727/oz before yesterday’s raft of US data, where some light offers managed to provide enough resistance to reverse price action back into decline for the remainder of the session. Spot gold prices have extended their move downwards so far today, with some strong support seen for the US dollar observed across FX markets so far this morning ahead of this afternoon’s important US jobs data. Gold prices have fallen from an intra-day high of $1717.05/oz to hold at session lows of $1706.35/oz, after FX pair euro-dollar raced down to below $1.2900 in late Asian trade. Spot gold now trades $1710.20/oz, down $4 on the session.
EasyForexNews Research Team