Gold fell on Thursday after posting its biggest one-day gain in two weeks the day before, as hints of further stimulus from the European Central Bank hurt the euro and a rebound in global stocks curbed risk aversion. Turmoil in financial markets and concerns over China and other emerging markets will prompt a March review of the ECB's monetary policy, President Mario Draghi said after a meeting, holding out the prospect of further loosening.
Spot gold was down 0.1 percent at $1,099.70 an ounce at 3:13 pm EST (2013 GMT), after falling 0.8 percent to $1,092.15. It pared losses as the US dollar turned lower. US gold futures for February delivery settled down 0.7 percent at $1,099.20 an ounce. "After Wednesday's $25 per ounce uptick in gold prices fuelled by the global equity market selloff, today gold was dragged lower by profit taking, recovering equity markets, and a stronger US dollar," said Giovanni Staunovo, commodities analyst at UBS Wealth Management in Zurich. Among other precious metals, platinum was up 0.05 percent at $818.40 an ounce, after falling to a 7-year low at $806.31. Palladium was up 0.9 percent at $497.30 an ounce and silver was down 0.4 percent at $14.11.
Comments
Comments are closed.