MarketWatch/Rachel Koning Beals/06-08-17
Gold prices were trading lower on Thursday, and set to log back-to-back declines as investors braced for a flurry of potentially market-moving news around the globe
Kicking off the parade of news on Thursday was the European Central Bank, which stood pat on its monetary policy but tweaked the so-called “forward guidance” in its policy statement, leaving the impression that it may be inclined to reduce its accommodative posture by lifting interest rates or scaling back its bond-buying program in the near future—all factors that could prove bearish for metals, which tend to perform better in an atmosphere of low rates.
…“The precious metal is trading lower as traders have pretty much made up their mind that there is no smoking gun when it comes to James Comey testimony today,” said Naeem Aslam, chief market analyst with ThinkMarkets.
…Haven commodities have drawn bids amid the rising geopolitical jitters. Prices for gold, which tends to garner buying during times of uncertainty, settled at a seven-month high Tuesday—and a number of other so-called haven assets lured investors.
