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Gold prices up

Gold prices edged up yesterday, snapping a four-day losing streak on technical buying, amid expectations that the European Central Bank will dole out stimulus and cut interest rates.

Spot gold was up 0,3 percent at $1,490.27 per ounce, as of 0732 GMT. In the previous session, prices fell to their lowest since August 13 at $1,483.90.

US gold futures were up 0,2 percent at $1,502.2 an ounce.

“The ECB is expected to reduce further the interest rate into negative territory. . . The meeting could serve as a potential catalyst (for gold) and investors are already buying into the rate cut expectations,” said Margaret Yang Yan, a market analyst at CMC Markets.

Given that gold has had such a deep correction from its recent peak, investors are buying on dips, Yan added.

Source :

The Herald

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