Gold prices rose slightly on Thursday morning in London in cautious trade while investors await the European Central bank meeting later today.
– The ECB meeting, its first since the June 24 UK Brexit referendum, will be watched for signals on interest-rate moves although several traders believe it will follow the Bank of England’s decision to keep rates unchanged.
– “While the likelihood of further central bank liquidity will be supportive for gold, given the implications for real interest rates, we still feel there is the chance the Fed could provide a hawkish surprise and that further consolidation is necessary given the scale of speculative and investment length,” FastMarkets analyst James Moore said.
– The spot gold price was last at $1,319.15/1,319.45 per ounce, up $5 on Wednesday’s close. Trade has ranged from $1,310.65 to $1,319.55 so far. Silver was up 12 cents at $19.425/19.445, platinum rose $7 to $1,082/1092 and palladium at $669/675 was $5 higher.
(Editing by Mark Shaw)
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Source: Bullion Desk News
