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Comex Gold Steadies Near 1-Week High as Dollar Eases; Focus on ECB Meet

10 Sep 2020 7:54 am
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Mumbai (Commodities Control) – Gold prices held steady near a one-week high on Thursday as the U.S. dollar weakened ahead of a policy decision by the European Central Bank due later in the day.

Spot gold was little changed at $1,946.10 per ounce by 0030 GMT, after hitting its best level since Sept. 3 at $1,950.51 on Wednesday. U.S. gold futures were flat at $1,954.50.

The dollar index fell from a four-week high against its rivals, making gold less expensive for holders of other currencies.

Asian markets are expected to swing higher on Thursday, after U.S. stocks reversed course from a three-day losing streak that led the technology-heavy Nasdaq into correction territory.

The ECB is set to announce its rate decision at 1145 GMT on Thursday. Investors will watch out for its inflation forecasts, although no major policy moves are expected since it has acted aggressively to shore up the virus-hit economy.

The ECB's growth and inflation projections to be published on Thursday will only show slight changes compared with the bank's June forecasts, Bloomberg reported on Wednesday.

The Bank of Canada on Wednesday held its key overnight interest rate steady at 0.25%, as expected, but left the door open for possible future changes to bond buying.

More than 27.72 million people have been reported to be infected by the novel coronavirus globally and 898,411​ have died.

Meanwhile, SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 1,252.96 tonnes on Wednesday from 1,250.04 tonnes on Tuesday.

(Commodities Control Bureau)



       
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