Gold pulls back as stocks rise and ECB maintains stimulus plan
Thursday, 24 October 2019 19:26 WIB | PRECIOUS METALS |SILVEREMASGOLD

 

Gold prices slipped on Thursday as global stocks traded higher on better-than-expected quarterly results in the final policy update from ECB President Mario Draghi.

December gold on Comex slipped $2.30, or 0.2%, at $1,493.40 an ounce, after posting a 0.6% gain.

Silver for December deliver meanwhile, shed 2 cents, or 0.1%, to reach $17.5 an ounce, following a gain of 0.5% on Wednesday.

In the final meeting with Draghi at the helm, the European Central Bank left its main deposit facility rate at negative 0.5% and its main lending rate at 0%. The rate-setting Governing Council repeated that it expects to keep rates at œpresent or lower levels until inflation, which has remained stubbornly low, œrobustly converges with its target of near but just below 2%. It also reiterated that it will begin a controversial bond-buying program at a pace of 20 billion euros a month beginning in November.

In other metals trade, January platinum gained $2.90, or 0.3%, at $925.30 an ounce, adding to its 3% gain on Wednesday, while December palladium  jumped 1.1% to $1,732.30 an ounce, following its own gain a day ago.

Source : MarketWacth

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