Spot gold prices are trading marginally higher Thursday after posting some moderate losses during the previous day. Spot gold ended Wednesday’s session $4.57 lower at $1666.20/oz after falling to lows of $1661.01/oz, the lowest level seen since August 31. Gold prices have tentatively recovered during this morning’s Asian session as market participants remain on edge after talks to avoid a US fiscal crisis appear to have been hampered over the course of the last 24 hours or so, after officials from President Obama’s administration told leaders of business and financial services groups that talks with House Speaker John Boehner had deteriorated. Spot gold prices have moderately improved from initial lows of $1665.28/oz to trade up to an intra-day high of $1671.49/oz and now trade $1669.80/oz, up $3.60 on the session. Metals brokers report muted flows so far, with some sell stops present just below $1650/oz the only thing of note so far this morning.
EasyForexNews Research Team