Spot gold prices are trading in positive territory Friday extending their gains from the previous day. Spot gold ended Thursday’s session up $13.70 at $1731.45/oz as hopes gathered that US monetary policy would remain loose after Barack Obama’s re-election. Gold prices have also been boosted by some investor appetite for safe haven assets with the market now switching its attention to the US fiscal cliff after the US election. Other sources believe that market participants are repositioning their portfolios after the US election having previously moving into equities before on the hopes of a victory for Republican candidate Mitt Romney. Spot gold prices have edged their way higher during Asian hours this morning, picking up from an intra-day low of $1730.15/oz to print a high of $1738.19/oz and currently trade at $1735.10/oz, up $3.65 on the session.
EasyForexNews Research Team