Spot gold prices are trading marginally lower Monday after posting some decent gains at the tail end of last week. Spot gold ended Friday’s session near its highest level seen since October 12 at $1753/oz after advancing to a high of $1754.10/oz at one stage, with prices underpinned by a fall back observed in the US dollar and some options-related buying. Gold prices have been tied to a tight range during Asian traded hours this morning with market participants awaiting the outcome of the eurozone finance minister’s meeting on the Greek bailout package. Also eyed will be Tuesday’s survey of US consumer confidence in November, which could offer clues whether the fiscal cliff jitters are dampening spirits. Spot gold prices have held in a tight range this morning, slipping back from a high of $1753.19/oz after printing a session low of $1745.65/oz. The US dollar has been mixed in Asian trade so far this morning, marginally firmer against the euro, but reluctant to hold onto earlier gains against the yen. Spot gold now trades at $1750.30/oz, down $2.70 on the session.
EasyForexNews Research Team