Spot gold prices are trading around unchanged levels Monday after posting some sharp declines on Friday. Spot gold ended Friday’s session $36.10 lower at $1678.10/oz, after better than expected US employment figures dampened hopes for additional monetary easing, sending the precious metal plunging to a two-month low. A rebound in US factory orders added to the selling pressure in gold, as the US dollar continued to gain amid the upbeat US data, advancing to its highest level in nearly two months against a basket of currencies, as market participants seek safe haven ahead of the US General Election on Tuesday. Spot gold prices initially picked up from session lows of $1677.20 this morning to trade an intra-day high of $1683.90/oz, but prices have since faded back to just above unchanged levels to now trade at $1679.40/oz, up $1.30 on the session. US dollar prices remain flat to modestly higher so far this morning, after being firmer during the earlier stages of this morning’s Asian session.
EasyForexNews Research Team