Gold price remains under pressure as ECB stays the course

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Editor’s Note: With such market volatility, stay up to date with daily news! Let yourself be taken in minutes with our quick summary of today’s must-see news and expert opinions. Register here!(Kitco News) – The gold market remains subject to modest selling pressure as the ECB maintains a constant course on interest rates and an extremely accommodative monetary policy.
As expected, following its monetary policy meeting, the ECB announced that the interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility would remain unchanged at 0.00%, 0.25% and -0.50% respectively.
The ECB also maintained its position that it would make emergency asset purchases until 2021 and would also continue its regular monthly asset purchase program for as long as necessary.
“The Governing Council remains ready to adjust all its instruments, if necessary, to ensure that inflation approaches its target in a sustainable manner, in line with its commitment to symmetry,” the ECB said in its statement.
The gold market continues to be subject to technical sales pressure as it holds support above $ 1,800 an ounce. August gold futures last traded at $ 1,808.60 an ounce, down 0.29% on the day.

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