Spot gold prices are trading higher Monday underpinned by some moderate weakness observed in the US dollar so far this morning. Spot gold prices ended last week’s session 1% lower at $1713.75/oz. Gold prices have advanced during Asian traded hours this morning, underpinned by some fresh risk-on sentiment anticipated across European equity markets after comments by US House Speaker John Boehner late Friday suggested that discussions between lawmakers to avoid the US fiscal cliff had been constructive. Gold prices may also be attracting some haven support this morning, as tensions continue in the Middle East. Spot gold has advanced from lows of $1714.50/oz to an intra-day high of $1724.80/oz taking their cue from a slightly softer US dollar so far, with the spot gold price now currently trading near session highs at $1724.10/oz, up $10.35 on the session.
EasyForexNews Research Team