Gold holds decline as ECB downplays prospects for more stimulus
[SINGAPORE] Gold held a decline after the European Central Bank downplayed the need for more economic stimulus and US filings for unemployment benefits unexpectedly dropped.
Bullion for immediate delivery fell 0.1 per cent to US$1,336.53 an ounce at 8:52am in Singapore, according to Bloomberg generic pricing, dropping a third day and paring its weekly gain to 0.9 per cent.
While the economic news from Europe and the US sapped gold's momentum, the metal remains 26 per cent higher in 2016.
On course for its first annual gain in four years, it has benefited from the Federal Reserve's hesitation to raise interest rates and weak growth elsewhere, including the European Union, which has embarked on unprecedented monetary stimulus.
BLOOMBERG
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish