Gold price today: Gold rates go down on Thursday. Check how much will it cost?
Gold prices edged down on Thursday, but held near a five-week peak, as risk appetite increased ahead of a European Central Bank monetary policy decision and investors awaited U.S. PPI data for signals on the Federal Reserve's interest rate outlook, Reuters reported.
Spot gold fell 0.3 per cent to $2,709.89 per ounce as of 1210 (GMT). US gold futures fell 0.5 per cent to $2,742.50. Earlier in the session, bullion hit its highest since November 6, supported by bets that the Fed will cut interest rates again next week after Wednesday's consumer prices data, as per a report on Reuters.
The report showed a 0.3 per cent rise, the largest gain since April after advancing 0.2 per cent for four straight months.
U.S. inflation data that was in line with forecasts sustained expectations for a rate cut, pushing gold prices higher on Wednesday, but the gains flattened as increased risk appetite accompanied the prospect of lower rates, said Ricardo Evangelista, senior analyst at ActivTrades.
Gold tends to thrive in a low-interest-rate environment. Equity markets rose after the tech-focused Nasdaq closed above 20,000 for the first time on Wednesday. «Support (for gold) is expected to hold firm around the $2,700 level, while resistance is likely near today’s high of $2,726,» Evangelista added.
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