Spot gold prices are trading in negative territory Friday extending their declines from the previous day. Spot gold ended Thursday’s session $8.85 lower at $1741.30/oz after failing to break through $1754/55 on the upside. A stronger showing from the US dollar then put pay to any additional upside in bullion prices as market participants await to see if any interesting conclusions come out of the two-day European leaders gathering in Brussels. Spot gold prices have extended lower so far this morning in tandem with a moderate risk aversion theme as flows continue to favour the US dollar. Metals dealers also report subdued activity in the physical market during Asian traded hours this morning. Spot gold has extended lower from opening highs of $1743.50/oz to hold at an intra-day low of $1736. Metals brokers report limited activity so far, with some moderate bids seen working below around $1731/32/oz. The precious metal now trades at $1738.60 a troy ounce, down $2.70 on the session.
EasyForexNews Research Team