The safe-haven metal is likely to continue its rally amid concerns of an economic slowdown
A Pakistani customer checks gold jewellery at a shop in Karachi, Pakistan. Picture: AFP/ASIF HASSANGold edged lower on Thursday, but was trading close to a two-week peak scaled in the last session as dovish US and European central banks fanned concerns on economic slowdown and kept global bond yields and the dollar under pressure.
“Policymakers are continuing to hint that they are not in a rush to hike interest rates, particularly the US Fed, and the ECB also did not change their monetary policy,” IG Markets analyst Kyle Rodda said.US Treasury yields fell on Wednesday as tepid inflation data reinforced the Fed’s decision to hold interest rates steady.
ECB president Mario Draghi raised the prospect of more support for the struggling eurozone economy on Wednesday if its slowdown persists.
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