Gold is stable ahead of ECB meeting

Gold is stable ahead of ECB meeting

Gold is stable ahead of ECB meeting

(Reuters) – Gold prices stabilized at a weekly high on Thursday, supported by a slight weakening in the dollar as investors await the outcome of the September meeting of the European Central Bank (ECB).

The spot gold price rose 0.09% to $ 1.948.5 per troy ounce by 13:26 Moscow time.

The dollar index dropped from a four-week high, which made gold more attractive as an investment vehicle for holders of other currencies.

“We are waiting for the ECB's decision and the markets are in a wait-and-see attitude,” said Michael Hewson, chief market analyst at CMC Markets UK.

The European Central Bank is likely to keep policy unchanged on Thursday, but could pave the way for new stimulus in the future as economic recovery loses momentum and a strong euro dampens already extremely low inflation expectations.

Palladium rose 0.92% to $ 2.293 an ounce, while silver added 0.21% to $ 27.08 an ounce. Platinum rose 0.41% to $ 919.65.

(Diptendu Lahiri in Bangalore. Translated by Vladimir Sadykov. Editor Anna Kozlova)

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