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(Kitco News) - The gold market is struggling against the euro after the European Central Bank raised interest rates and warns investors that inflation pressures remain too high for too long.
Thursday, as expected, the ECB raised its interest rates on the marginal lending facility, and the deposit facility will be increased to 4.00%, 4.25%, and 3.50%, respectively.
The ECB's latest rate hike comes as it raises its inflation forecast for this year and lowers its growth projections.
"Eurosystem staff expect headline inflation to average 5.4% in 2023, 3.0% in 2024 and 2.2% in 2025. Indicators of underlying price pressures remain strong, although some show tentative signs of softening," the central bank said in its monetary policy statement.
"Staff have slightly lowered their economic growth projections for this year and next year. They now expect the economy to grow by 0.9% in 2023, 1.5% in 2024 and 1.6% in 2025," the central bank added.
Spot gold prices fell to session lows in initial reaction to the ECB monetary policy decision and updated economic projections. Spot gold last traded at €1,778.50 an ounce, down nearly 1% on the day.
However, gold in euro turns is outperforming the U.S. dollar. Gold is trading at a three-month low against the greenback one day after the Federal Reserve left interest rates unchanged but maintained its hawkish bias.
August gold futures last traded at $1,939 an ounce, down 1.52% on the day.
https://news.google.com/rss/articles/CBMihgFodHRwczovL3d3dy5raXRjby5jb20vbmV3cy8yMDIzLTA2LTE1L0dvbGQtcHJpY2VzLXVuZGVyLXByZXNzdXJlLWFnYWluc3QtdGhlLWV1cm8tYXMtRUNCLXJhaXNlcy1pbnRlcmVzdC1yYXRlcy1ieS0yNS1iYXNpcy1wb2ludHMuaHRtbNIBAA?oc=5
2023-06-15 12:24:00Z
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