The current week is data heavy, with three key central bank decisions, followed by US PMI's and Friday's nonfarm payrolls figure. With the European Central Bank disappointing investor expectations of a more hawkish policy stance, the US dollar is expected to remain on the front foot, with bullion likely to struggle as a result.
Separately, Reuters reported Friday that US President Donald Trump is leaning towards nominating Fed Governor Jerome Powell as the new head of the US Central Bank. Bullion reversed from the highs of Friday to last trade around the $1270 per troy ounce-zone. Physical demand for the yellow metal continues to remain weak despite a dip in prices, especially when considering second biggest consumer India is witnessing a lull in fresh buying after the end of the festival season peak.
Gold Slips on Investor Caution
Daily Analysis - 30/10/2017