Spot gold prices are trading marginally higher Monday extending their gains from the previous session. Prices remain underpinned by market expectations of some additional QE from the Federal Reserve with the probability increasing after Friday’s release of US nonfarm payrolls painted a bleak picture in the US job market. Spot gold prices spiked up to highs of around $1742.40 a troy ounce Friday after US nonfarm payrolls increased by a weaker than expected 96,000 last month. Spot gold prices have picked up from session lows of $1733.82 in Asia this morning to trade up to an intra-day high of $1740.05 where some resistance saw prices revert back to almost unchanged levels. Spot gold is now currently trading $1737 a troy ounce, up $1.35 on the session.
EasyForexNews Research Team