Gold Trading Lower as Dollar Makes Some Gains

On Thursday, gold prices have climbed slightly lower as the US dollar made some gains ahead of today's ECB meeting.

Gold XAU/USD

On Thursday, GOLD prices have climbed slightly lower as the US dollar made some gains ahead of today’s ECB meeting. Gold is trading at a little above $1,422 at the time of writing.

The ECB is widely expected to signal monetary policy easing to support its weakening economy, but it will be interesting to keep an eye on whether the bank will cut rates today. PMI data released yesterday revealed that Eurozone manufacturing contracted for the sixth consecutive month.

The US dollar, meanwhile, has gained some strength over weakening of other major currencies. The earnings season is on in full swing and tech stocks are rallying on Wall Street. Even though US’s manufacturing touched a 10-year low in July, consumer spending continues to remain strong, lending some support to the economy for now.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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