Gold price steadies as Europe’s energy woes see dollar strengthen. markets gold europe
There are growing expectations for the European Central Bank to hike by 75 basis points as soon as Thursday, but the decision remains a challenging one as chief Christine Lagarde and her colleagues manage the twin problems of high price pressures and an impending recession.
“The general outlook for gold remains weak with market players positioning for the ECB meeting this week,” said Ravindra Rao, head of commodity research at Kotak Securities Ltd. While a firm dollar and weak investor interest weigh on gold, Europe’s power crisis, China’s virus outbreak and renewed US-China tensions could lend some support to the precious metal, he said.
Spot gold edged lower to $1,710.60 an ounce as of 4:30 p.m. in London, after rising 0.9% on Friday. The Bloomberg Dollar Spot Index advanced 0.2%. Platinum gained, while silver and palladium were little changed.
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