Gold Prices Bounce Higher As Traders Watch For ECB Decision, Jobless Claims

Thursday, 4 June 2020 19:19 WIB



Gold prices rose on Thursday as investors awaited policy actions by the European Central Bank which could influence gold trade.

The ECB is expected to expand its €750 billion Pandemic Emergency Purchase Program by €500 billion after ECB President Christine Lagarde downgraded the central bank’s eurozone gross domestic product estimate to a drop between 8% and 12% this year.

The ECB’s updated policy statement will be released at 7:45 a.m. Eastern Time, and will be followed by a news conference featuring Christine Lagarde, 45 minutes later.

Gold buying has been buoyed by central bank stimulus measures to limit the economic harm from the COVID-19 pandemic, but signs of economies coming back to life from lockdowns to halt the spread of the deadly infection has dulled bullion’s appeal.

Gold for August delivery on Comex was trading $9.70, or 0.6%, higher at $1,714,50 an ounce, after tumbling 1.7% on Wednesday, amid a strong rally in global equities.

Meanwhile, July silver added 5 cents, or 0.3%, at $18.005 an ounce, following a 1.7% drop in gold’s sister metal on Wednesday.

Source : Market Watch


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