Gold Tad Lower as ECB Refrains From Fresh Stimulus

Gold futures were trading with slim losses during morning trade in the domestic market on Friday as investors and speculators stayed on the sidelines as the European Central Bank (ECB) played down the need for further monetary stimulus despite clear signs that the recovery in the 19-member Euro area economy may be faltering, curbing the lure for the yellow metal, a hedge against the inflationary risk of monetary stimulus.

The Frankfurt-based central bank on Thursday refrained from expanding its QE program while leaving key interest rates unchanged.

Investors are now weighing whether the Bank of Japan will announce fresh easing measures when it meets this month.

At the MCX, gold futures for October 2016 contract is trading at Rs 31,200 per 10 grams, down by 0.01 per cent, after opening at Rs 31,245, against a previous close of Rs 31,203. It touched the intra-day low of Rs 31,190.

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Suhani Verma

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