Gold holds below $1,300 ahead of ECB on strong equities

Gold held below a five-month high on Thursday, hurt by profit-taking ahead of the European Central Bank’s decision on stimulus measures, and strength in Asian equities that dented the metal’s safe-haven appeal.



Market expectations are sky-high for the ECB to unveil a large-scale programme of quantitative easing – printing money to purchase sovereign bonds – resorting to its last big policy tool for breathing life into the flagging euro zone economy and fending off deflation.



Asian shares rose to near eight-week highs on hopes the ECB’s stimulus measures would revive the flagging euro zone economy



In news from the physical markets, Indian gold importers were offering discounts of up to $16 an ounce versus London prices, the widest in 17 months, on weak demand and expectations of a duty cut.



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Posted in: Indian Market Tips