Gold Prices Rebounds On Global Cues, Focus on Central Bank Polices

Gold Prices Rebounds On Global Cues, Focus on Central Bank Polices

Prices of gold were little changed in morning trade on Tuesday, because investors assess the possibility of further monetary easing by central banks around the world.

Gold for August delivery on the Comex inched up $1.65, or 0.12%, to trade at $1,330.85 a troy ounce. A day earlier, prices tacked on $1.90, or 0.14%.

Globally, gold rose 0.09 per cent at $1,329.70 an ounce in Singapore.

Gold has been luring the support of expectations that central bank worldwide will step up monetary stimulus in the short term to offset the negative economic impact of the vote Brexit growth.

Market participants looked forward to the outcome of the meeting of the European Central Bank on Thursday to see if the authorities will intensify monetary stimulus in the wake of the vote in Britain to leave the European Union.

A consensus is that central bank will leave interest rates unchanged, while ECB President Mario Draghi is expected to reach a passive and perhaps tone hinting at additional stimulus to offset the blow to the economy of the decision Britain to leave the EU.

Traders are also focusing on whether the BOJ will increase its monetary stimulus at its policy meeting later this month. The yen has come under pressure from expectations that a double bazooka fiscal and quantitative easing was on the cards in the coming weeks.

Investors are also betting on a rate cut from the Bank of England in August, while few see much chance that routes rates the US Fed in the short term.

At the Multi Commodity Exchange, gold for delivery in August was trading higher by Rs 35 or 0.11% to Rs 31,050 per 10 grams today as speculators raised their bets amid firm global trend.

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