Gold falls as ECB’s policy normalisation lifts the dollar
The European Central Bank’s Draghi says its monetary policy will remain ‘reactive’ sees the euro dips; platinum market surplus is set to shrink this year
London — Gold fell on Thursday as the dollar bounced from a near three-week low against the euro after European Central Bank (ECB) president Mario Draghi signaled that any policy normalisation in the eurozone would be very gradual. The euro gave up all its early gains against the dollar to turn lower after Draghi said monetary policy would remain "reactive" and that measures of underlying inflation were still subdued. Spot gold was down 0.3% at $1,321.09 an ounce at 3pm GMT. It touched a one-week high of $1,340.42 on Wednesday before closing 0.6% lower. US gold futures were down 0.4% at $1,321.80. ABN Amro analyst Georgette Boele said the dollar would remain the key driver of gold prices in the near term. "The only reason we were up near $1,340 was because the dollar fell towards the end of last week," she said. European and US stocks rose on Thursday as traders took a break from worrying about a global trade war and focused instead on the ECB’s plans to end its €2.5-trillion stimul...
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