Spot gold prices are trading marginally higher Wednesday after posting some slim gains during the previous session. Spot gold ended Tuesday’s session $2.85 higher at $1666.75 a troy ounce with prices recovering from around $1663 to highs of $1672.3 after some US data showed that US consumer confidence deteriorated in August to the lowest in nine months, which produced a boost for the precious metal after prices had shown some exhaustion after their recent advance higher. Spot gold prices have picked up from lows posted in Asia of $1664.40 to trade an intra-day high of $1669.99, with the market yet to show any signs of a reversal ahead of the central bank symposium in Jackson Hole this Friday. Spot gold is currently trading narrowly higher at $1667.50 a troy ounce, up $0.75 on the session.
EasyForexNews Research Team