Gold prices likely to trade positive: Sushil Finance

Sushil Finance's report on bullion

Gold

Gold turned higher and touched a five-month high above $1,300 per ounce on Thursday, after the European Central Bank (ECB) launched a multi-billion euro bond-buying program aimed at reviving a sagging euro zone economy.

President Mario Draghi said the ECB would print money to buy up 60 billion euros ($69 billion) worth of sovereign bonds a month in the euro zone, where inflation at minus 0.2 percent is far below the central bank's target of just under 2 percent.

He said inflation was expected to increase gradually later in 2015 and in 2016.

The metal has risen around 10 percent since the beginning of the month, its strongest month so far in two years, underpinned by higher demand for assets perceived as safer.

Outlook

We expect gold prices are likely to trade on positive note on the back of Eurozone concerns.

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