Market: Gold price increases
Gold prices edged up on Wednesday, snapping a four-day losing streak on technical buying, amid expectations that the European Central Bank (ECB) will dole out stimulus and cut interest rates. Spot gold was up 0.5 per cent at $1,493.50 per ounce, as of 0611 GMT.ADVERTISEMENT In the previous session, prices fell to their lowest since …
In the previous session, prices fell to their lowest since Aug. 13 at $1,483.90.“The ECB is expected to reduce further the interest rate into negative territory.Bullion prices have shed more than four per cent or over $60, since scaling an over six-year peak of $1,557 on Sept. 4.
ECB policymakers are leaning toward a package that includes a rate cut, a pledge to keep rates low for longer and compensation for banks over the side-effects of negative rates, five sources familiar with the discussion said last week.Gold prices gained about 18 per cent, or over $200, since hitting year’s low of $1,265.85 on May 2.
Meanwhile, the dollar index was steady, while Asian stock markets held firm and bond yields rose on Wednesday.
Read more: Daily Trust
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