Spot gold prices are trading marginally higher Friday after posting some sharp losses during the previous day. Spot gold ended Thursday’s session $14.70 lower at $1696.95/oz after some position liquidation by funds to lock in some year end profit saw the precious metal under pressure for much of the session. Prices did, however, hold support just below $1690/oz before recovering some ground ahead of the US equity opening. Thinning liquidity before the year end continues to contribute to a lack of momentum in the market. Gold prices have been tied to a narrow range so far this morning, edging their way back from an initial low of $1694.30/oz to highs of $1700.45/oz and now trade at $1698.70/oz, up $1.75 on the session. Metals brokers report no flows of any significance so far.
EasyForexNews Research Team