Spot gold prices are trading lower Monday extending their declines from the previous session. Spot gold ended Friday’s session $5.15 lower at $1772.10/oz and ended up posting a gain of just under 11% for the quarter. Prices have edged back lower this morning after the release of some weaker than expected Chinese manufacturing data and a negative Japanese Tankan business sentiment survey, which has sent Japanese shares on the back foot. Price action in the precious metal has been seen on a subdued level this morning with key regions China and Hong Kong closed for public holidays, with China remaining closed for the remainder of the week. Spot gold prices initially steadily declined from highs of $1771.20 to trade down to a session low of $1763.50 before some moderate support saw prices edge back higher, with the precious metal currently trading $1765.80 a troy ounce, down $6.30 on the session.
EasyForexNews Research Team