The gold price in US dollar terms is continuing to trade largely unchanged at around the $1,200 per troy ounce mark. It is thus successfully resisting the firm US currency which appreciated to an 11½-year high during the…
The gold price in US dollar terms is continuing to trade largely unchanged at around the $1,200 per troy ounce mark. It is thus successfully resisting the firm US currency which appreciated to an 11½-year high during the ECB press conference which followed the bank's meeting.
Gold in euro terms made noticeable gains yesterday, for a time reaching a three-week high of €1,095 per troy ounce.
Commerzbank notes in a report as follows:
The ECB may need to extend its purchasing programme beyond September 2016 or increase the scope of its monthly purchases (€60 billion) if it is to achieve its targets. This should benefit precious metals, above all gold and silver.
The gold market could see further movement this afternoon when the US labour market report is published if it turns out to be surprising or has any impact on the EUR-USD exchange rate.
Robust figures are likely to fuel expectations of interest rate hikes and put pressure on the gold price in USD in the form of a further appreciating US dollar, as was the case a month ago
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