Spot gold prices are trading modestly lower Wednesday extending their losses from the previous day. Spot gold ended Tuesday’s session
$10.65 lower at $1764.30/oz as bullion prices came under pressure in observation of some continued strength from the US dollar. Europe’s ongoing debt crisis also took its toll on risk assets, with German Chancellor Angela Merkel making no promise of additional aid for Greece after her visit to the country was greeted by angry protesters. The euro moved sharply lower throughout the afternoon session, with spot gold falling away sharply from $1775.80 to around $1760.70/oz. Gold prices have continued to decline during Asian traded hours this morning, although prices have been tied to a narrow range so far after yesterday’s third consecutive decline, with the precious metal paring back from a high of $1765.85 to an intra-day low of $1760.85. Spot gold is currently trading $1762.10 a troy ounce, down $2.20 on the session.
EasyForexNews Research Team