Gold Futures Gets Hit by ECB Expectations

ECB gold

Gold futures increased on the expectations of the European Central Bank. Gold June delivery rose by 0.5% to $1,454 an ounce. Eyes are headed towards the ECB, expecting that they will cut the main refinancing rate. The ECB conclusion will be announced at 7:45 a.m. EST. The press conference will be held by Mario Draghi, the ECB President, at 8:30 a.m. EST, according to MarketWatch.

Gold prices gaining strength as analysts said, due to the expectations of the ECB and the Fed will keep easy-monetary policies. Also the physical demand on gold is getting stronger. After a sell-off in April gold made a slight recovery. $6.77 billion were taken out by investors from the SPDR Gold Trust Exchange traded fund last month, which led to losing its place as the second biggest ETF.

As on Thursday, the July silver rose by 1% to $23.54 an ounce. July platinum was up by 0.9% at $1,482.40 an ounce.