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- Gold price rises on a weaker U.S. dollar
Gold price rises on a weaker U.S. dollar
Gold price rose as the euro increased against the U.S. dollar after the release of the European Central Bank's (ECB) interest rate decision. The ECB kept its interest rate unchanged at 0.05%, but lowered its deposit rate to -0.3% from -0.2%. The asset-buying programme will be extended until the end of March 2017. Earlier, the asset buying programme was intended to run until September 2016. The volume of the monthly purchases remained unchanged.
Market participants are awaiting the release of the U.S. labour market data tomorrow. The better-than-expected labour market data will add to speculation that the Fed will start raising its interest rate this month.
Yesterday's comments by the Fed Chairwoman Janet Yellen weighed on gold. She said in a speech on Wednesday that the U.S. economy is ready for an interest rate hike.
December futures for gold on the COMEX currently traded at 1055.50 dollars per ounce.
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