Gold steadied on Wednesday just above a five-week low touched in the last sessio...
- Gold steadied on Wednesday just above a five-week low touched in the last session as the dollar retreated slightly and stocks edged lower, with investors awaiting further signals on the health of the global economy.
“After the massive sell-off it is not surprising to see the prices stabilize given the cautious tone on the equity market especially today,” said Commerzbank analyst Eugen Weinberg.U.S. stocks fell on Wednesday as investors stayed on the sidelines following a strong rally this year, while the U.S. dollar index was trading below a two-week high hit on Tuesday.
Weak data from the euro zone the last couple of weeks has fueled expectations that the ECB at Thursday’s meeting could downgrade the area’s growth and inflation forecasts for 2019 and hold off raising interest rates.
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