Spot gold prices are trading in positive territory Wednesday, extending their gains posted during the previous day. Spot gold ended Tuesday’s session $31 higher at $1716/oz, driven by some weakness observed in the US dollar after Barrack Obama was re-elected in the US, paving the way for continued monetary stimulus in the world’s largest economy. Gold prices have extended their gains during Asian hours this morning, advancing from intra-day lows of $1705.93/oz to print an intra-day high of $1728.50/oz a few moments ago. Metals brokers also report macro buying around $1725/oz on the London opening. Spot gold currently trades at $1725.40/oz, up $9.40 on the session.
EasyForexNews Research Team