Comments
Gold held steady on Friday, after rising over one per cent in the previous session, as equities fell on weak corporate results and the dollar eased but the metal remained on course for a second straight weekly decline.
Spot gold edged up 0.1 per cent at $1,332.56 an ounce at 0051 GMT.
Bullion rose 1.2 per cent on Thursday, but was down about 0.4 per cent for the week.
US gold was up 0.1 per cent at $1,332.80 an ounce.
Asian stocks dipped early on Friday after weak corporate results halted Wall Street's record run overnight, while the yen held to large gains made after the Bank of Japan's governor downplayed the need for “helicopter money” monetary policies.
ECB policy stance
The ECB held rates at record lows as it seeks to revive growth and inflation with cheap credit to the economy. It left the door open to more policy stimulus, highlighting “great" uncertainty and abundant risks to the economic outlook.
According to a BBC interview, recorded mid-June but broadcast on Thursday, BOJ Governor Haruhiko Kuroda ruled out the idea of using “helicopter money” - or directly underwriting the budget deficit - to combat deflation.
US interest rates
The US Federal Reserve will wait until the fourth quarter before raising interest rates, likely in December after the presidential election, according to a Reuters poll which once again showed subdued inflation expectations.
US home resales hit their highest in nearly 9-1/2 years in June as low interest rates lured first-time buyers into the market and the number of Americans filing for unemployment benefits fell last week, underscoring the economy's strength.
Confidence in prospects for the global economy has been dented following Britain's vote to leave the European Union, with a growing view that monetary policy is a fading force and many governments now need to borrow and spend, Reuters polls showed.
SPDR Gold Trust
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.22 percent to 963.14 tonnes on Thursday.
Newmont Mining Corp, the world's second biggest gold miner by market value, hinted on Thursday that it will boost its quarterly dividend later this year, reflecting a 25 per cent jump in bullion prices so far this year.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.