Spot gold prices are trading lower Thursday extending their moderate losses from the previous session. Spot gold ended Wednesday’s session $3.60 lower at $1693.95/oz, pressured by some mild gains observed in the US dollar as stalemate negotiations in Washington over the US fiscal cliff continue to provide the main area of focus for the market. Spot gold prices have struggled to recover over the last few sessions after sell stop loss orders hit the market earlier on in the week when prices breached $1710/oz and $1705/oz. Market participants now await today’s policy meeting of the European Central Bank later today for clues on any future policy moves. Spot gold prices have continued to extend lower during Asian hours this morning, slipping back from intra-day highs of $1697.12/oz to lows of around $1687/oz. Metals brokers report no flows of any significance so far this morning.
EasyForexNews Research Team