6 June: Gold maintains gains in the $2,360s just after the European Central Bank (ECB) decides to cuts interest rates by 0.25% at its June policy meeting. The decision to lower interest rates is positive for Gold as it broadly reduces the opportunity cost of holding the non-yielding asset.
Globally, interest rate expectations are falling. Just yesterday, the Bank of Canada (BoC) cut its overnight rate to 4.75% from 5.00%.