The metal is range-bound as investors await US nonfarm payrolls for further clues on the economy, after the ECB’s dovish policy stance boosts the dollar against the euro
Senior refinery technician Vincente Sandoval puts a gold ‘button’ into a furnace to be further refined to form gold doré bars at Newmont Mining’s Carlin gold mine operation near Elko, Nevada, the US. Picture: REUTERS/RICK WILKING
“ECB decision echoed US dollar strength, and we saw risk aversion and, while the dollar rose US bond yields fell on safe-haven demand so, there was a bit of a conflict,” said Ilya Spivak, a senior currency strategist at DailyFX. Market participants are now waiting for the US nonfarm payroll report due later in the day for indications on the strength of the economy and how it would affect the Federal Reserve’s monetary policy.
Meanwhile, US President Donald Trump on Wednesday said that trade talks with China were moving along well and predicted either a “good deal” or no deal.
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