With the European Central Bank likely to hold interest rates steady at 0.50%, analysts are not expecting to see a major move in gold prices following the decision.
The ECB will officially announce monetary policy at 8:30 a.m. EDT Thursday, which will be followed by a press conference by ECB President Mario Draghi.
Bart Melek, head of commodity strategy with TD Securities, said TDS is not expecting any official move in ECB interest rates; however, he will pay close attention to Draghi’s conference as his comments could drive trading activity.
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