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Wednesday, October 27, 2021

Gold Prices Shrug Off Firmer Dollar to Trade Near Intraday Highs

Gold Prices Shrug Off Firmer Dollar to Trade Near Intraday Highs© Reuters.

Investing.com – Gold prices traded close to session highs on Thursday, shrugging off a rebound in the dollar as the European Central Bank said it would continue its ultra-accommodative monetary policy measures.

for February delivery on the Comex division of the New York Mercantile Exchange rose by $8.50, or 0.68%, to $1,257 a troy ounce.

The European Central Bank left its benchmark rate unchanged on Thursday, reiterating its commitment to running an asset-purchase stimulus programme until at least next September.

“Domestic price pressures remain muted overall and have yet to show convincing signs of a sustained upward trend,” European Central bank president Mario Draghi said in a press conference on Thursday, adding that an “ample degree” of stimulus is still needed.

Gold prices reversed a two-day slide on Wednesday against the backdrop of a widely expected Federal Reserve rate hike, and an unchanged outlook on the path of monetary policy tightening with three rate hikes expected in 2018.

In a sign of confidence, the Federal Reserve revised upward its projection for economic growth in 2017 to 2.5%, while forecasting growth for 2018 at 2.5%.

Also supporting sentiment on gold prices were reports of renewed brexit uncertainty after UK Prime Minister Theresa May’s government was defeated on Wednesday, when lawmakers forced through changes to its Brexit plan that ministers said could threaten Britain’s departure from the European Union.

In other precious metal trade, rose 0.45% to $15.94 a troy ounce, while gained 0.80% to $882.40.

traded at $3.07, up 0.67%, while fell by 1.22% to $2.68 despite data showing natural gas storage fell more than expected last week.

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Source: Investing.com

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