Today, Tuesday (December 9), during the Asian trading session, London gold is currently trading around $4,190. As of the latest update, the price stands at $4,195.12 per ounce, up 0.14%, with a high of $4,197.09 and a low of $4,187.50. The short-term trend for London gold appears to be consolidating.
**Key Developments** The European Central Bank (ECB) urged Italy on Monday to reconsider a proposed amendment stating that the gold reserves of the Bank of Italy belong to the Italian people. The ECB warned that such a move could threaten central bank independence. In a document published on its official website, the ECB reiterated its opposition to the proposal. Italy has revised the amendment twice, with the latest draft clarifying that the measure would not override EU rules safeguarding central bank independence.
Italy holds the world's third-largest gold reserves, recorded on the central bank's balance sheet. Current laws require the Bank of Italy to manage these reserves under EU regulations, which prohibit using gold for government spending. The ruling party lawmakers proposed including this amendment in the 2026 budget. The initial version stated that the gold belonged to the state but was later revised to specify ownership by the Italian people.
**Latest London Gold Market Analysis** On the daily chart, London gold is currently in a sideways consolidation phase, showing weak momentum with fluctuations around the $4,200 level. Support is seen near $4,120. On the 4-hour chart, the stochastic oscillator and MACD lines are in a state of stagnation, while the Bollinger Bands remain flat, indicating a range between $4,180 and $4,230. The market is expected to continue trading within this range.
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