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Gold futures rose today, as many investors had hoped that central banks should continue to pursue its policy of "easy money" that will continue to attract buyers to the precious metals.
Let us mention that the Governing Council of the ECB cut interest rates by 25 basis points up to 0.5%. In a subsequent press conference, the head of the Central Bank Mario Draghi hinted that the ECB is ready to deystvovat "if the situation requires further reduce the cost of lending. According to Draghi, the spring has kept the euro zone economy weakness, and reduced rates was aimed at maintaining recovery, which should begin later this year. The labor market situation still leaves much to be desired, and the uncertainty continues to weigh on the recovery process. Commenting on the inflation, Draghi said that its recent decline reflects the drop in energy prices, but also a consequence of large-scale temporal effects associated with changes in annual rates of prices for services in the Easter season. He suggested that during the year the inflation will be subject to volatility. The head of the Central Bank made it clear that the monetary authorities will continue to adhere to the accommodative policy as long as necessary. He also said that the ECB will consult with the other European institutions on initiatives to promote the functioning of the market in respect of asset-backed securities, debts of non-financial corporations.
We also note that today China, which is the second largest consumer of gold in the world, has resumed trading after a three-day holiday, but the demand was less than a week ago. In addition, it was learned, the demand in the physical market in Hong Kong has also been reduced.
was also easier.
The data also showed that the stocks in the SPDR Gold Trust - the largest gold exchange-traded fund in the world, fell yesterday by 0.31% to 1,075.23 tons, while leaving to the lowest level since September 2009.
The cost of the June gold futures on COMEX today rose to 1466.40 dollars an ounce.
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