Spot gold prices are trading marginally higher Monday after posting some losses Friday, ending the month around 0.3% lower marking its second consecutive month of decline, although gold continues to draw some support from safe-haven interest as the US fiscal cliff uncertainty continues to drag on. Spot gold ended Friday’s session lower at $1714.80 a troy ounce. This morning, gold prices have moderateley advanced to the upside after China’s PMI reading for November came in at a better than expected 50.5 from a reading of 49.5 in October, showing a modest improvement in the Chinese manufacturing sector. Spot gold has picked up from an intra-day low of $1714.81/oz to a high of $1720.45/oz with overall risk sentiment showing a moderate uptick so far during Asian hours this morning. Spot gold now trades at $1719.20/oz, up $4.4 on the session.
EasyForexNews Research Team