(Kitco News) – Gold prices marked another less-than-scintillating string of trading sessions this week, punctuated by a series of moderate highs and lows on both sides of the $2,500 level to ultimately arrive not far from where they began.
Spot gold kicked off the week trading at $2,504.37, before dipping down to $2,490 per ounce during the Asian trading session, and grinding higher to $2,506 through the European and thinly-traded North American session, with most traders observing the Labor Day holiday.
Tuesday saw the return of the full contingent of market participants, and it also brought the week’s first real downward volatility, as the North American open drove spot gold to its then-weekly low of $2,477 per ounce by 10:15 am Eastern. Gold prices quickly recovered to trade right on the edge of the $2,500 level, before European and Asian traders once again drove the yellow metal to a fresh weekly low of $2,473 per ounce just before 5:00 am EDT.
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