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- Gold price traded lower due to a stronger greenback
Gold price traded lower due to a stronger greenback
Gold prices traded lower on Friday. Spot gold was at $1,195.60 a troy ounce in morning European trade.
A stronger greenback weighed on gold price. The U.S. dollar traded higher against the most major currencies after the ECB announced details of it quantitative easing programme. The European Central Bank (ECB) President Mario Draghi said at the press conference on Thursday that the central bank will start its 60 billion euro-a-month bond purchases on March, 9. He noted that the ECB will buy euro-dominated public sector securities in the secondary market, and it will also continue to purchase asset-backed securities and covered bonds.
The U.S. labour market data on Friday might provide the further direction of gold price.
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