Rise in European airline stocks pulls investors away from gold, which is feeling the pressure of dovish sentiment from central banks
Bengaluru — Gold prices fell below the key $1,300 level on Thursday as a firm dollar and improved risk appetite on the back of a rise in European airline stocks pulled investors away from bullion.
Gold is being pressured by “the recovery in the risk appetite, some optimism on the trade front and a firm dollar”, said Ryan McKay, commodity strategist at TD Securities. The dollar rose 0.1% against a basket of leading currencies. Dovish views from major central banks on Wednesday failed to help gold. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
The US Federal Reserve’s minutes restated its view on the risks of a global economic slowdown, while the European Central Bank kept its ultra-easy monetary policy unchanged.
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