Spot gold prices are trading marginally lower Friday after posting another set of sharp losses during the previous day. Spot gold ended Thursday’s session down $18.65 at $1647.55/oz as market participants continued to unwind bullion positions towards year end in anticipation of higher taxes in 2013 of investment income from precious metals. Spot gold prices initially extended their losses during this morning’s Asian session to intra-day lows of $1635.75/oz, around the same low observed after the initial drop Thursday, after news filtered through that US House Republicans abruptly cancelled a vote on a tax-cut bill. Since the initial drop to session lows, spot gold prices have edged their way back higher to just below unchanged levels before meeting some resistance at $1647/oz. Spot gold now trades at $1644.70/oz, down $2.85 on the session.
EasyForexNews Research Team