Gold steady ahead of ECB policy meeting and US jobs data
The European Central Bank is likely to present a cut in economic growth forecasts; palladium is up 0.5%
Bengaluru — Gold prices steadied on Thursday ahead of a European Central Bank (ECB) policy meeting expected to present a cut in economic growth forecasts, with investors also awaiting US jobs data. Spot gold was flat at $1,285.94 an ounce at 10.38am GMT, trading close to a more than five-week low hit this week. US gold futures were down 0.1% at $1,286.50. Global shares were stuck in their worst run of the year and the euro took a breather as investors awaited news from the ECB, which could also signal fresh stimulus for eurozone banks in an effort to stop an unexpected slowdown from becoming a downturn. “If the euro depreciates in response — for example, because the ECB lowers its projections or changes its interest rate outlook — the gold price is likely to come under pressure,” Commerzbank analysts said in a note. “If so, gold, in euro terms, should then fare somewhat better, however.” Spot gold prices hit a 10-month peak of $1,346.73 on February 20 but have since lost ground as t...
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