The Price of gold, on Thursday, December 8, was steady the dollar weakened. However participants said that it may struggle on the upside ahead of the USA FOMC meeting, TheBullionDesk reports.
The spot gold price was recently quoted at $1,176.25/1,176.55 per oz, up $1.90 on Wednesday’s close. The metal has fallen around 12% from its peaks following Donald Trump’s election victory in the US, Marex Specton added.
Still, the dollar index has been drifting in recent sessions – it was recently at 99.94, down 0.2%.
“As global equity markets continue to trade bid and ETFs redeem the metal, it’s difficult to see gold testing toward $1,200 leading into the FOMC meeting next week; however, underlying support continues to restrict down-side moves below $1,160,” MKS said.
Attention now turns to today’s ECB meeting. Market consensus is for its asset purchase programme to be extended by six-nine months. In data today, the key focus will be US unemployment claims, which are forecast at 258,000.
The spot silver price at $17.095/17.130 per oz was down $0.02. Platinum at $945/925 per oz was up $9 while palladium edged $1 higher to $730/735 per oz.
