Gold firm

London

Gold prices steadied early on Thursday, with the dollar firming as markets waited for clues on the future of key stimulus programmes in upcoming Bank of Japan and European Central Bank meetings.

Spot gold was nearly unchanged at $1,240.07 per ounce at 0053 GMT. U.S. gold futures for August delivery fell 0.19 percent to $1,239.60 per ounce.

The European Central Bank is expected to lay the groundwork for an autumn policy shift when it meets on Thursday, emphasising improved growth while tempering expectations after previously setting off a mini tantrum in financial markets.

The Bank of Japan is set to paint a brighter picture of the economy on Thursday but cut its inflation forecasts again, reinforcing expectations that it will lag well behind major global central banks in scaling back its massive stimulus programme.