Spot gold prices have been edging their way modestly higher this morning after extending their sharp declines at the end of last week. Spot gold ended Friday’s session down $8.34 at $1655.65/oz. Prices had initially tumbled to lows of $1625.79/oz on Friday, the lowest level seen since August 21, amid concerns that the minutes from the US Federal Reserve indicated that its bond buying program may end this year. Spot gold prices recovered some steeper losses Friday after lacklustre US jobs data supported some expectations for continued easing from the US Federal Reserve, with the unemployment rate remaining at a lofty 7.8% in December, even though US employers kept their pace of hiring steady. Spot gold prices have continued to moderately recover so far this morning amid some moderate physical buying and demand from Shanghai markets that have re-opened today. Gold has edged its way higher from initial lows of $1656.08/oz to post an intra-day high of $1662.50/oz and now trades at $1658.90/oz, up $3.25 on the session.
EasyForexNews Research Team