Spot gold prices are trading moderately higher Thursday extending its gains from the previous day. Spot gold ended Wednesday’s session $3.30 higher at $1778/oz despite a sharp move lower in oil prices stoked by growth concerns surrounding China. Precious metal prices remain firm despite some sluggish demand in the physical market and some thin trading interest as China remains closed for a week long public holiday. Gold prices are expected to remain in a narrow trading range ahead of central bank announcements due later today from the ECB and Bank of England, with market participants also more focused on this Friday’s US employment report which will no doubt prove to be the next catalyst to move the precious metal away from its current trading range. Spot gold tentatively edged its was back higher this morning from lows of $1777.80/oz to post an intra-day high of $1782.70/oz. Metals brokers report no significant flows so far in quiet trade, with the precious metal currently trading $1780.80 a troy ounce, up $2.80 on the session.
EasyForexNews Research Team