The gold price has edged higher in today’s trading on the back of US dollar weakness, while awaiting a raft of important economic data this week from around the globe.
At 6.52pm (GMT) gold was trading at $1,255 up from $1,250 in yesterday’s trading.
Apart from speeches from the European Central Bank and the Bank of Canada, Investors will focus on the third and final US presidential debate which has caused volatility in gold over the past few months.
A number of Federal Reserve board members are also due to deliver speeches which may shed some light on an expected interest rate hike before the end of the year.
“A number of Fed speakers are presenting their view in the market, basically adding further noise in the market, which will keep the traders on their toes when it comes to gold,” said Naeem Aslam, chief market analyst at Think Markets.
After the recent slump in the gold price, some such as Commerzbank analyst Daniel Briesemann believe that a bottom is near and gold will climb back up to $1,350 before the end of the year,
"Long contracts have been reduced by more than 100,000 contracts over the past two weeks, so we believe many of the shaky hands have already left the market," Mr Briesemann said,
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this broker. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this broker. Before deciding to trade foreign exchange you should consider whether you understand how CFDs work, your investment objectives, your level of experience and readiness of taking risk. The possibility exists that you could sustain a loss of some or of all of your initial investments and therefore you should not risk more than you are prepared to lose. Please seek independent financial advice if necessary.
|By clicking "Continue" you will be redirected to the website operated by FIBO Group, LTD company registered in BVI and regulated by FSC. Please familiarize yourself with the Customer Agreement through the link. Click "Cancel" to remain on this page.|