All eyes on the ECB slide oil prices and remain below the $ 1,500 level

Future futures for December delivery fell 0.1% to $ 1,498.35 an ounce as of 12:42 AM ET on the New York Mercantile Exchange’s Comex division.

The outcome of the ECB’s monthly meeting is expected to have an impact on gold prices later this week, as some expect a rate cut by the central bank as part of a broader package to stimulate the eurozone economy.

Gold prices fell on Wednesday in Asia and remained below the $ 1,500 level as traders quoted the European Central Bank’s next monthly meeting.

“The ECB is expected to further lower interest rates in negative territory … The meeting could serve as a potential catalyst for gold, and investors are already buying shortened expectations,” said Margaret Yang Yan, a market analyst at CMC Markets, in a Reuters report.

Meanwhile, Sino-US trade tension eased somewhat as China reportedly offered to buy more agricultural products in the US in exchange for a tariff delay. He also demanded the relief of a supply ban against Huawei.

Meanwhile, Hu Xijin, editor-in-chief of the state-run newspaper Global Times , said today that China will introduce “significant measures” to deal with the negative impact brought on by the trade war.

“The measures will benefit some companies from both China and the US,” he said on Twitter without elaborating./Investing.com

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