Gold logs sharpest drop in about 3 weeks
Friday, 26 July 2019 01:29 WIB | PRECIOUS METALS |GOLDEMAS Spot EmasSILVER

Gold futures settled sharply lower Thursday, reversing a morning climb, after the European Central Bank's decision to signal its plan to ease monetary policy disappointed investors by not including immediate action or details of its likly efforts.

The ECB said it stood ready to cut interest rates and deliver œhighly accommodative monetary policy, including additional asset purchases, in its effort to push stubbornly low inflation back toward its target amid signs of deteriorating economic conditions in the eurozone.

August gold on Comex lost $8.90, or 0.6%, to finish at $1,414.70 an ounce, on marking its sharpest slide since July 5 when the most-active contract fell $20.80, or 1.5%, according to FactSet data.

In other metals dealings, September silver shed 21.5 cents, or 1.3%, to settle at $16.411 an ounce, marking its sharpest daily slump since July 5, a day after tallying its eighth gain in nine sessions.

Source : MarketWatch

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