Cache Metals Daily Market Reports

Spot gold held in a steady range Tuesday ahead of the Federal Open market committee meeting to be held on Wednesday.

Positive U.S jobs data had spot gold whipsawing in the early part of the session. The metal dropped to $1684.10 immediately after the release of the U.S nonfarm payrolls as the dollar rally gained steam.

Spot gold has traded back below $1700 as strong U.S data and the standoff between Democrats and Republicans over the fiscal cliff has traders shedding positions ahead of year end.

It was a swift sell-off in gold as it was reported a 7800 contracts were sold on the CME. Spot gold sold off to $1706 breaking through all sorts of stops.

Precious metals gained on renewed hopes of a Greece resolution as Greece's lenders have decided on new ways to reduce its massive debt.

Spot gold drifted lower in light trade as the U.S markets geared up for the thanksgiving holiday. Spot gold touched an intraday high of $1730 on the heels of a weaker U.S green back.

Spot gold has remained relatively range bound between $1705 and $1740 as traders squared position on the short work week.

Precious metals moved higher amid an uncertain economic climate as the eurozone debt crisis rolls on. The International Monetary Fund (IMF) and EU leader failed to come to a decision on funding for Greece before paying the next tranche of 31.5 billion euros of aid instead deciding to meet again on November 20th.

Precious metals traded lower in the early part of the North American session as fears of global growth after the release of disappointing economic data yesterday.

Precious metals bounced back after trading sharply lower Wednesday. Incumbent president Barrack Obama defeated Republican challenger Mitt Romney, with 303 Electoral votes to 206, with Florida's 29 also set to go to the winner.

After the better than expect U.S Nonfarm payrolls gold has remained well below the $1700 level until stops were hit which pushed the yellow metal to a 2 week high of $1718.