Gold prices held steady on Thursday after a big fall in the previous session to a one-month low.

Spot gold edged up 0.1 percent to $1,878.70 per ounce, while U.S. gold futures were little changed at $1,878.95.

The U.S. dollar rose against rivals amid concerns over surging coronavirus cases and uncertainty about the U.S. election outcome.

As coronavirus cases soar, some European governments including Germany and France are imposing drastic curbs on people’s daily lives.

The World Health Organization said for the second consecutive week, the European region accounted for the biggest proportion of new infections, with more than 1.3 million cases or about 46 percent of the worldwide total.

Less than a week before the U.S. presidential election, Democratic challenger Joe Biden leads U.S. President Donald Trump nationally, but there are eight swing states where the election could be won or lost.

Key focus is on the European Central Bank meeting later today, with investors looking for a dovish statement and hints at more asset purchases.

Earlier in the day, the Bank of Japan held its monetary policy steady, but trimmed its growth and price forecasts for the current fiscal year. The central bank made no changes to a package of steps aimed at easing corporate funding strains.

The material has been provided by InstaForex Company – www.instaforex.com

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