Spot gold prices are trading around unchanged levels Tuesday after posting a one-month low during the previous session. Spot gold ended Monday’s session $16.93 lower at $1737.55/oz as prices extended their declines after the release of upbeat U.S. retail sales data which undermined the requirement for stimulus measures and dented bullion’s appeal. Spot gold prices fell away sharply to post a one-month low of $1728.75/oz as the correction lower deepened by another 1%, the biggest one-day decline seen in three months. Some activity in the physical market picked up after prices breached around $1730, but volumes were limited. Spot gold has been tied to a narrow trading range so far this morning, edging to a session low of $1734.95 from an intra-day high of $1738.50/oz posted early on during Asian traded hours. Metals brokers report limited activity so far, with some offers noted around the $1744 area, with some light bids seen at $1732 and again at $1725. Spot gold currently trades $1738.90 a troy ounce, up $1.35 on the session.
EasyForexNews Research Team