WASHINGTON (dpa-AFX) - Gold prices inched higher on Thursday, a day after the Federal Reserve vowed to continue with its aggressive policy stance until it is comfortable that the economy is back on its feet.
The Fed's emergency credit facilities are 'wide open' and 'we can do more of that,' Fed Chair Jerome Powell said in a press conference.
Spot gold edged up 0.15 percent to $1,715.18 per ounce, while U.S. gold futures were up 0.9 percent at $1,728.60 per ounce.
Investors await the interest rate announcement from the European Central Bank later today for further direction.
There are some expectations that euro zone policymakers will expand debt purchases to include junk bonds as part of a bond-buying stimulus scheme.
Elsewhere, U.K. Prime Minister Boris Johnson will attend his first press conference since his return to work.
Asian equities ended mostly higher today after a top U.S. health official said Gilead Sciences Inc's antiviral drug remdesivir was likely to become the standard of care for Covid-19.
Speaking at the White House Wednesday, top U.S. doctor Anthony Fauci said that early results from a trial showed it helped certain patients recover more quickly.
European markets, however, were subdued after Eurostat data showed the euro zone economy contracted 3.8 percent in the first quarter, marking the worst decline since records were kept in 1995.
The region's unemployment rate edged up to 7.4 percent in March while inflation fell to 0.4 percent in April from 0.7 percent in March.
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