Gold prices fell on Friday, pulling away from the previous session's
five-month highs hit following news the European Central Bank is
launching a large scale quantitative easing program.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 0.44% to $1,295.00.
The February contract ended Thursday's session 0.54% higher at $1,300.70 an ounce.
Gold futures strengthened after the ECB announced on Thursday that it would launch a €60 billion monthly bond buying program that would start in March and last until September 2016, in a bid to stave off the threat of deflation in the euro area and boost growth.
In total, the program could total €1.08 trillion, much higher than market expectations for a figure of around €500 billion.
Commenting on the decision, ECB President Mario Draghi acknowledged the action the ECB took last year was “insufficient” to ward off the threat of deflation in the region. The annual rate of inflation in the euro area fell into negative territory last month, dropping 0.2%.
Read more Click here / www.trade4x.net
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 0.44% to $1,295.00.
The February contract ended Thursday's session 0.54% higher at $1,300.70 an ounce.
Gold futures strengthened after the ECB announced on Thursday that it would launch a €60 billion monthly bond buying program that would start in March and last until September 2016, in a bid to stave off the threat of deflation in the euro area and boost growth.
In total, the program could total €1.08 trillion, much higher than market expectations for a figure of around €500 billion.
Commenting on the decision, ECB President Mario Draghi acknowledged the action the ECB took last year was “insufficient” to ward off the threat of deflation in the region. The annual rate of inflation in the euro area fell into negative territory last month, dropping 0.2%.
Read more Click here / www.trade4x.net
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