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Gold futures little changed ahead of ECB decision

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Investing.com - Gold futures were little changed in rangebound trade during European morning hours on Thursday, as investors awaited the outcome of the European Central Bank policy meeting later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,678.45 a troy ounce during European morning trade, flat on the day.

Prices traded in a tight range between USD1,676.85 a troy ounce, the daily low and a session high of USD1,681.65 a troy ounce.

Gold prices were likely to find support at USD1,653.35 a troy ounce, the low from January 28 and near-term resistance at USD1,685.65, Tuesday's high.

The ECB was expected to leave interest rates unchanged at 0.75% on Thursday, but markets were awaiting remarks by President Mario Draghi amid wariness that he could express concerns over the impact of the euro's recent gains on the region's economic recovery.

The Bank of England was also to announce its benchmark interest rate later in the day, while incoming BoE Governor Mark Carney was to appear before a U.K. parliamentary committee.

Elsewhere on the Comex, silver for March delivery fell 0.2% to trade at USD31.81 a troy ounce, while copper for March delivery eased up 0.1% to trade at USD3.743 a pound.

Copper traders were anticipating China's trade numbers due out on Friday for more clues on the health of the world's largest copper consumer.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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