Gold Set to Fall From Two-Week High Before ECB Gathering
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Gold is set to decline in London as a rally to a two-week high spurs investors to sell the metal before European Central Bank policy makers meet tomorrow.
Bullion gained yesterday after data this week showed deteriorating manufacturing from the U.S. to China, fueling speculation central banks will add to stimulus. The euro fell versus the dollar amid expectations the ECB will cut interest rates to a record low tomorrow. Holdings in gold-backed exchange-traded products climbed 4.6 metric tons to a record 2,412.4 tons yesterday, data compiled by Bloomberg show.