Spot gold prices are trading higher Wednesday extending its gains from the previous trading day. Spot gold ended the last trading day of 2012 up 6% on the year at $1675.92/oz, posting gains for the 12th consecutive year. Gold prices have continued to extend their recovery this morning, from their end of year dip, advancing to highs of around $1684/oz, underpinned by a positive showing from other risk assets after the US house passed the fiscal cliff measure with a vote of 257 to 167. The US fiscal cliff resolution has seen US dollar prices moderately weaker also lending a hand to the precious metal. Spot gold prices had initially printed lows of $1670.48/oz during Asian traded hours this morning. Spot gold remains in positive territory, currently trading at $1682.30/oz, up $6.38 on the session.
EasyForexNews Research Team