Spot gold prices are trading moderately higher Monday extending their gains from Friday’s session. Friday’s risk-on sentiment from better than expected US employment data has seen risk assets carry over in a positive bias into this morning’s Asian session, with the euro earlier printing a 1-month high against the USD at $1.2443 before slipping back to stabilise just below unchanged levels. Friday’s US payroll figures have provided a welcome patch for gold prices that were previously reeling amid the disappointment of no fresh stimulus measures from the US Federal Reserve and indeed the ECB at the tail end of last week. Spot gold prices did initially slip to $1585.50 upon release of Friday’s US jobs data, but quickly reversed back higher after market participants saw the unemployment rate had advanced to 8.3% in July from the expected forecast of 8.2%. Spot gold prices have edged their way back higher this morning after opening the session just above Friday’s close. Prices initially slipped to hold at intra-day lows of $1602.80 to moderately firm up to highs of $1608.77, now at $1607.8, up $4.30.
EasyForexNews Research Team