Spot gold prices are trading around unchanged levels Monday after trading a little firmer earlier on during Asian traded hours. Gold prices edged their way lower from opening highs posted in Asia of $1593 a troy ounce in tandem with some moderate weakness observed in the euro, after the market had managed to print a high of around $1597 during Friday afternoon’s session. Prices have managed to hold at session lows of $1583.97 a troy ounce so far today, as the majority of market participants stay on the sidelines ahead of a key presentation by US Federal Reserve Chairman Ben Bernanke later in the week. Bernanke will present his semi-annual monetary policy report to congress on Tuesday and Wednesday, with investors seeking a flavour on the Federal Reserve’s latest attitude towards a potential fresh wave of quantitative easing (QE). Market participants of gold continue to eye the Fed’s stance, although many of the shrewd operators now see any imminent wave of QE to be off the table for the time being, as the ongoing eurozone debt crisis continues to strain market liquidity. Gold currently trades $1589.20.
EasyForexNews Research Team