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- Gold edges lower ahead of ECB-meeting
Gold edges lower ahead of ECB-meeting
Gold retreated at USD1,203.90 a troy ounce just above the important level of USD1,200 weighed by a strong U.S. dollar trading above a five-year high against the single currency and ahead of the ECB meeting taking place in Frankfurt that may give further hints regarding the timing of the stimulus program. Markets are also looking ahead to the release of U.S. Nonfarm Payrolls and Unemployment Rate later in the week on Friday and U.S. initial jobless claims scheduled for today at 13:30 GMT. A stronger U.S. dollar and a raise in U.S. interest rates as a consequence of economic growth in the U.S. weigh on the precious metal as it only offers returns through price increases and gold becomes more expensive to buy for holders of other currencies.
GOLD currently trading at USD1,203.90
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