Spot gold prices are trading in negative territory Wednesday extending their declines from the previous session. Spot gold ended Tuesday’s session $6.50 lower at $1742.15/oz, its second straight day of losses, with worries over the U.S. “fiscal cliff” overshadowing optimism over a Greek debt deal. Gold prices have extended lower in Asian trade this morning, in tandem with a drift lower in the euro which has seen some moderate losses so far this morning, albeit in light trading volume. Spot gold initially slipped from highs of $1743.15/oz to drift lower to an intra-day low of $1737.70/oz and now trades at $1739.20/oz, down $2.95 on the session. Prices are expected to consolidate in the short term with no real incentives seen as of yet after the provisional Greek debt deal.
EasyForexNews Research Team