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- Gold price fell on stronger dollar and ECB measures
Gold price fell on stronger dollar and ECB measures
Gold for February delivery was recently down 0.3% at $1,174 a troy ounce on the Comex division of the New York Mercantile Exchange.
Earlier in the session, the The European Central Bank said it would extend the duration of its economic stimulus until the end of 2017, while gradually reducing the amount of government bonds it buys, starting in April.
Investors focused on the message's dovish element, and sent the euro lower against the dollar. A rising dollar is bearish for gold, as the metal is priced in the U.S. currency and becomes more expensive for foreign buyers when the dollar appreciates, Dow Jones says.
"The ECB is still in easing mode, U.S. rates appear to be headed higher, the dollar is stronger, and these are all short-term headwinds for gold, " said Peter Hug, global trading director at Kitco Metals.
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