Gold futures up as dollar eases ahead of ECB meeting
26/10/2017 14:38
The ECB is all but certain to cut back on its bond-buying stimulus, taking its biggest step yet in unwinding years of loose monetary policy. However, as low inflation remains a primary concern for the bank, any reduction in monthly asset purchases would be expected to come with an extension of the programme.
“We suspect that the central bank could come across as somewhat more hawkish than what the market is currently expecting,” INTL FCStone analyst Edward Meir said in a note.
“As a result, we could see the euro strengthen post-policy statement, which would be short-term constructive for gold.”
At the MCX, gold futures for Dec 2017 contract are trading at Rs 29400 per 10 grams, at 0.02 per cent, after opening at Rs 29393, against a previous close of Rs 29394. It touched the intra-day low of Rs 29470 (at 14:35 hours).
26/10/2017 14:38
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Gold is trading in the green as the dollar eased ahead of a key European Central Bank meeting later in the day.The ECB is all but certain to cut back on its bond-buying stimulus, taking its biggest step yet in unwinding years of loose monetary policy. However, as low inflation remains a primary concern for the bank, any reduction in monthly asset purchases would be expected to come with an extension of the programme.
“We suspect that the central bank could come across as somewhat more hawkish than what the market is currently expecting,” INTL FCStone analyst Edward Meir said in a note.
“As a result, we could see the euro strengthen post-policy statement, which would be short-term constructive for gold.”
At the MCX, gold futures for Dec 2017 contract are trading at Rs 29400 per 10 grams, at 0.02 per cent, after opening at Rs 29393, against a previous close of Rs 29394. It touched the intra-day low of Rs 29470 (at 14:35 hours).
