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Gold slips as euro dips ahead of likely ECB easing

downloadGold edged lower on Wednesday, slipping with the euro as expectations that the European Central Bank is almost certain to ease policy this week weighed on the single currency.


FUNDAMENTALS

* Spot gold was down 0.6 percent at $1,253.46 an ounce by 0128 GMT. Gold touched $1,279.60 last week, its strongest since Feb. 3, 2015.

* U.S. gold for April delivery eased 0.7 percent to $1,253.70 an ounce.

* Investors expect the European Central Bank to cut its deposit rate by at least 10 basis points and expand its asset-buying programme at its meeting on Thursday.

* Gold had been supported by fairly low expectations that the Federal Reserve will raise U.S. interest rates at its March 15-16 policy meeting. The Fed lifted rates for the first time in nearly a decade in December amid signs of strength in the U.S. economy.

* The strength is particularly evident in the U.S. labor market after a robust, forecast-beating 242,000 increase in nonfarm payrolls in February. Gold has stood its ground despite Friday’s jobs data as many traders rule out the possibility of a near-term hike in U.S. interest rates.

* Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped to 25.4 million ounces on Tuesday, but not far below 18-month highs reached last week.

MARKET NEWS

* Asian shares retreated further from two-month highs as lower oil prices and weak Chinese trade data revived concerns about the health of the global economy.

* As the euro wilted, the yen was broadly firmer with demand for the safe-haven currency picking up after disappointing Chinese trade data took the wind out of a global risk rally.

Source: http://classfmonline.com/1.8769999

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