Spot gold prices are trading in negative territory Monday after trading up to its highest level in seven months during the previous session. Spot gold ended Friday’s session $4.50 higher at $1773.10/oz after posting a high of $1787.20, the highest level seen since Feb 29. Prices in the precious metal have become subject of a correction lower this morning amid a weak showing from the euro across FX markets as fresh concerns mount over Spain and Greece. Reports of a rift over the weekend between Germany and France on when to centralize banking supervision has also unsettled markets, with risk appetite lacking in Asian markets this morning which is expected to continue going into the European session. A stronger showing from the US dollar is also hampering gold prices so far this morning, with prices correcting quite sharply lower from highs of $1772.45 to hold at a session low of $1757.70 a troy ounce. Spot gold currently trades $1761.40/oz, down $11.70 on the session.
EasyForexNews Research Team