Gold is falling in price due to lack of hints of stimulus from ECB

Gold is falling in price due to lack of hints of stimulus from ECB

Gold is falling in price due to lack of hints of stimulus from ECB

(Reuters) – Gold prices decline on Friday after the European Central Bank (ECB) didn’t signal possible future stimulus the day before, but the precious metal may end the week in positive territory due to continued economic uncertainty.

The spot gold price dropped 0.54% to $ 1.943.6 per troy ounce by 15:25 Moscow time. Since the beginning of the week, quotes have increased by 0.7%.

“The ECB has not raised the issue of a stronger euro, has not presented any stimulus plans, and this will contain inflation in the eurozone. This is negative for gold,” said Peter Fertig, an analyst at Quantitative Commodity Research.

The head of the ECB Christine Lagarde on the eve downplayed fears about the strengthening of the euro and disappointed investors, hoping for additional stimulus.

Palladium climbed 0.26% to hit $ 2,299.7 an ounce, while silver slipped 0.68% to $ 26.73 an ounce. Platinum rose 0.65% to $ 932.04 an ounce.

(To Diptendu Lakhiri. Translated by Vladimir Sadykov. Editor Anna Kozlova)

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