Prices of gold and silver on the European spot market drifted slightly lower in quiet trade Monday as top physical gold-consumer China remained absent from the market.
The metals were expected to hold narrow trading ranges for the session, as China continued Lunar New Year celebrations and the global economic data agenda was quiet.
A key risk event awaits this Friday with the release of the U.S. January employment report and this should keep position-taking contained in terms of size and time frame
Fed policy remains the key global price driver for gold, as the U.S. central bank continues to taper back economic stimulus measures that had kept elevated demand for gold as a hedge against inflationary risks.
Recent turmoil in emerging markets continued to provide a cushion under gold and silver, which are considered safe-haven assets and a traditional store of value in times of risk
The metals were expected to hold narrow trading ranges for the session, as China continued Lunar New Year celebrations and the global economic data agenda was quiet.
A key risk event awaits this Friday with the release of the U.S. January employment report and this should keep position-taking contained in terms of size and time frame
Fed policy remains the key global price driver for gold, as the U.S. central bank continues to taper back economic stimulus measures that had kept elevated demand for gold as a hedge against inflationary risks.
Recent turmoil in emerging markets continued to provide a cushion under gold and silver, which are considered safe-haven assets and a traditional store of value in times of risk
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