| Forex News Center | | | Commodities News Archive |
Commodity Daily News
Spot Gold Prices Down with USD Gains
Tuesday, 1 Nov 2011
Spot gold prices were down as the USD posted gains after the FX intervention by the Japanese MOF. However, spot gold prices may have more room to run higher should the Federal Reserve signal this week its intention to ramp up its bond buying program once again (QE3).
Gold traded as low as $1,704 during the Asian trading session but has since paired those losses. The $1,710-$1,695 range has been a significant price range since the sharp 3-day decline in spot gold prices during late August. A move higher may have scope to $1,772, the 61% retracement from the collapse in gold over the month of September.
