Spot gold prices are trading marginally higher Friday extending their sharp gains posted during the previous session. Spot gold ended Thursday’s session $24.5 higher at $1777.25/oz as prices reacted positively to Spain’s budget plan, whilst a rise in oil prices also lent some support for the precious metal. Commodity prices in general have continued to drift higher as the market appears to have given the Spanish austerity measures the benefit of a doubt for now. Gold prices have remained firm this morning consolidating the sharp gains from yesterday, with prices also underpinned by the US dollar remaining on the defensive so far this morning. Markets may turn more volatile later on in the session as quarter end draws closer. Spot gold has remained in positive territory with prices tied to a fairly narrow range, advancing from a session low of $1776.05 to a high of $1782.40, with the market currently seen trading $1781.60 a troy ounce, up $4.35 on the session.
EasyForexNews Research Team