Spot gold prices are trading in negative territory Monday extending their losses from the previous session. Spot gold ended Friday’s session $12.87 lower at $1754.48/oz after falling in the wake of some strong US data which showed U.S. consumer sentiment rose to a five-year high, adding concerns that the latest wave of quantitative easing from the U.S. Federal Reserve, aimed at improving the job market, may be trimmed. Gold became subject of some stop loss selling as prices breached $1747 on the downside to trade to a session low of $1741.75/oz. Gold prices also remain pressured by some demand for the US dollar which has posted some gains across the board in FX markets so far this morning. Spot gold has tentatively edged back from its session low after initially falling quite sharply as some sell stops entered the market, recovering to just above $1746 ahead of the European cash equity opening. Spot gold now trades at $1744.70 a troy ounce, down $9.78 on the session.
EasyForexNews Research Team