Spot gold prices are trading in negative territory Wednesday extending their declines from the previous session. Spot gold ended Tuesday’s session $4.40 lower at $1727.30/oz as some previous haven flows exited from the precious metal after reports circulated that Israel/Gaza had reached a ceasefire agreement, although no official ceasefire has yet been officially declared. Spot gold prices have fallen back during Asian traded hours this morning, reacting negatively to news that eurozone finance ministers had failed to reach an agreement on the next tranche of loans to Greece after a meeting in Brussels on Wednesday proved inconclusive. Spot gold has retreated from highs of $1729.05/oz this morning to trade an intra-day low of $1720.85/oz, in tandem with a fall in FX pair euro-dollar which fell below $1.2740 earlier. Spot gold has tentatively edged back to now trade at $1723.60/oz, down $3.70 on the session.
EasyForexNews Research Team