September 8 News Gold prices edged higher on Thursday as the dollar weakened, although investors were reluctant to take big positions ahead of the European Central Bank’s interest rate decision and Federal Reserve Chairman Jerome Powell’s speech. Julius Baer analyst Carsten Menke said some investors appeared to be trying to hunt for dips around $1,700 an ounce.
The European Central Bank will announce its interest rate decision at 08:15. If the European Central Bank only raises rates by 50 basis points, which could support the dollar, gold prices could be moderately bearish in the near term,” said StoneX analyst rona O’Connell. Fed Chair Jerome Powell’s speech at the meeting later in the day was also in focus.