Gold consolidates below $1,290

September 1, 2014

London (Sept 1)   Gold spot started the week on a quiet note after printing a weekly gain and a slight monthly advance in August, although the rise stalled around $1,290 during the European trade.

XAU/USD rose around $5.00 an ounce and reached a daily high just above $1,290 but pulled back afterwards and it is currently trading around $1,288 slightly above its opening price.

Soft economic data around the globe and ongoing geopolitical tensions have kept the metal on demand, although moves have been timid as investors are taking a more cautious stance. Today liquidity will probably remain low as US markets are closed due to the Labor Day holiday.

Source: FXstreet

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