Gold Edges Closer to $2,000: Market Attention Turns to ECB Meeting and US GDP

Published on Oct 26, 2023 12:34

Gold futures in Asian electronic trading are inching closer to the $2000 per ounce mark, drawing attention to the upcoming European Central Bank (ECB) meeting and the release of U.S. Q3 GDP figures. Meanwhile, U.S. stock indexes recorded significant losses on Wednesday, contributing to a decline in Asian equities of over 1%. European stock futures are also down as market watchers await key events this week. The ECB is anticipated to keep its interest rates unchanged, and ECB President Christine Lagarde`s press conference on Thursday is expected to shed light on inflation risks, including those linked to the Israel-Hamas conflict. Additionally, Thursday will see the release of third-quarter GDP data, followed by the U.S. PCE inflation index on Friday. In the commodities market, MCX bullion futures for December delivery are approaching the Rs 61,000 per 10 grams threshold and recently rose by Rs 64. A breach of Rs 61,100 could propel it towards Rs 61,600 levels.