Spot gold prices have edged their way higher to a two-week high Tuesday, underpinned by some weakness in the USD. Gold ended April in negative territory for the third consecutive month after after U.S. data showed some improvement in the U.S. economy and the Federal Reserve’s stance for additional monetary easing became less dovish. Spot gold inched up 0.2% to $1668 earlier, before easing back to now trade at $1665.60 up $1.50 on the session. Trading has been slow as a number of markets, including China, Hong Kong, Singapore and India, are closed for the Labour Day holiday. $1680 remains the closely watched level to the upside, whilst modest support is seen at $1659 and again at $1653.
EasyForexNews Research Team