Spot gold prices are trading moderately higher Thursday, extending their gains seen from the previous session. Spot gold ended Wednesday’s session $10.65 higher at $1720.35/oz after prices advanced early on during the European session in tandem with a sharp spike higher in FX pair euro-dollar which popped above $1.3000 before fading back later on in the day. Some short covering has also been present in the market as traders and analysts reduce their exposure ahead of a raft of US data today and tomorrow’s closely watched US jobs data. Spot gold prices have been retained in a fairly narrow range so far this morning and showed little reaction after the release of October China PMI data earlier in the day, which pretty much came in line with market expectations. Spot gold has edged its way back higher from an intra-day low of $1718.05/oz and printed a session high of around $1723.50/oz a few moments ago, now currently trading $1721.80/oz, up $1.45 on the session.
EasyForexNews Research Team