News Column

Gold Hovers Near USD1,290 As ECB Preps Policy Decision

August 5, 2014

WASHINGTON (Alliance News) - Gold prices are slightly higher Tuesday morning as traders await data on US factory orders and a report on service sector activity.

Gold futures for December are up USD3.50 or 0.27% at USD1,292.40 an ounce.

Silver for September is flat at USD20.233 an ounce. Meanwhile, copper is down USD0.011 or 0.33% at USD3.233 on likely fall in demand after a report showed Chinese service sector to have grown at its slowest pace in almost nine years.

On Monday, gold futures for December ended down USD5.90 or 0.5% at USD1,287.70 an ounce, due largely to positive global equity markets.

Traders are looking ahead to some economic data from the US, including a report on service sector activity and data on factory orders.

On Thursday, the European Central Bank will come out with its monetary policy. It is expected that interest rate will be held at 0.15%, but traders will be looking for any indication that further stimulus is forthcoming.

Officials in Europe are grappling with anemic inflation and sluggish economic growth, even as the recovery in the US appears to be picking up steam.

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Source: Alliance News

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