Gold dips as market awaits European Central Bank decision

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“It looks like the market doesn’t really have the impetus it needs to go one way or another.”

Bengaluru — Gold prices edged lower on Thursday as cautious investors awaited a policy decision by the European Central Bank due later in the day, though mounting concerns over a virus outbreak in China provided a floor under prices.With more than 500 confirmed cases and 17 deaths in China from the new coronavirus, the World Health Organisation will decide on Thursday whether to declare a global emergency over the outbreak.

However, “if there is an announcement, the markets might conclude or be concerned that we might have a SARS-like response, where there is significant economic impact and gold might go up on that,” he said. Traders remained anxious about the spread of the virus as China gears up to celebrate the Lunar New Year from this weekend, a peak period for travel and gold demand in the region.

“Lower interest rates and accommodative monetary policy are the reality, and this favours investment demand for gold … though the sector remains vulnerable to brief pullbacks, as investors lock in profits,” ANZ analysts said in a note.

 

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