Spot gold prices are trading higher Thursday, extending their gains from the previous session. FOMC minutes released last night for the July/August meeting showed that many members believed that more monetary accommodation would be required unless the recovery picks up. The minutes were extremely dovish in tone, and strongly suggested that the FOMC would be forced to unleash some additional stimulus measures at its next meeting, scheduled for Sept 12-13. Spot gold advanced sharply to the upside upon the release of the minutes and ended the session at $1654.65, up $16.85 on the session. Spot gold prices have held at session lows of $1645.84 in Asia this morning and have extended their gains to an intra-day high of $1665.31, with the market currently trading $1663.40 a troy ounce, up $8.75 on the session.
EasyForexNews Research Team