28.04.202010:42:00UTC+00Gold Prices Ease Ahead Of Fed, ECB Meetings

Gold prices were flat to slightly lower on Tuesday as the spread of coronavirus slowed further and investors kept an eye on upcoming central bank meetings.

Spot gold slid 0.25 percent to $1,709.95 an ounce, while U.S. gold futures were marginally lower at $1,722.85.

The coronavirus continues to pose a threat, though the rates of new infections and hospitalizations slowed worldwide, helping governments ease lockdown measures.

Several European countries are moving to ease their limits on movement and commerce.

New York Governor Andrew Cuomo announced plans for a phased reopening of his state's economy, citing a steady decline in coronavirus hospitalization rates.

Other states, including several led by Republican governors, also moved to reopen their economies.

Markets are also looking to any sort of forward guidance from the U.S. Federal Reserve which issues a policy statement on Wednesday.

The European Central Bank meets on Thursday and it is likely that the central bank will leave its QE program unchanged.

Earlier today, Sweden's central bank kept its repo rate unchanged at zero percent but didn't not rule out a rate cut later to stimulate demand and support inflation in the recovery phase.