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Gold futures edged higher sharply after breaking above $1700 per ounce but flipped back after hitting one week high near $1740 per ounce as soaring equities capped upside.

The European Central Bank said Thursday that it will step up its emergency bond purchases over the next quarter based on market conditions and left its key interest rates unchanged.

The Governing Council, led by ECB President Christine Lagarde, left the size of the pandemic emergency purchase program, or PEPP, unchanged at EUR 1,850 billion and said these will continue until at least the end of March 2022 or when the Covid-19 crisis phase is over.

Based on a joint assessment of financing conditions and the inflation outlook, the Governing Council expects purchases under the PEPP over the next quarter to be conducted at a significantly higher pace than during the first months of this year, the bank said.

This is a typically bullish statement for Gold as the possibility of a further monetary stimulus by leading central bankers will likely tend to support the precious metals. The commodity is still looking a little jaded for the near term after last week’s tumble to around ten-month low. The metal currently trades down 0.42% at $1716 per ounce.
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