MEETING WITH ECB CAN SHOW A POSITIVE SIGN ON GOLD PRICES

Gold prices on Thursday are constant as dollar is traded more than it two week high and lack luster offered support to the precious metal in the policy meeting of European Central Bank. Spot gold down at 0.1 percent per ounce and stood at $1284.59 where as the bullion rose to 0.1% and stood at $1288.34. U.S Gold futures is down by 0.2% and stood at $1,284.90 per ounce. Palladium is down by 0.3 percent to $1,533.36 per ounce, while Silver is down by 0.2 percent at $15.04 per ounce. Stronger dollar rates is a major issue on Asian markets and the pressure can be seen on risk assets as equities in Asia has given up the potential of earning gains. Asian shares relieved on Thursday as major investors showed disinterest over the global growth and hold themselves until the Sino-U.S trade negotiations.

It is seen that all major economies are experiencing a slowdown. Meanwhile U.S President Donald Trump said that the deal between U.S and China is going well and can proved out to be a good deal. The next potential growth in gold can be seen in next ECB meeting that can address some major issues in long term support programs that could support gold. Markets are waiting for non-farm payroll data of U.S releasing on Friday.

 

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