Precious metals have seen lackluster action as investors have been watching developments, or a lack thereof, in U.S.-China trade negotiations. The tariff negotiations have been a focal point in metals trading because China is a big importer of commodities like gold and the duration of the dispute has been viewed as holding a potential to weigh on prices.

“The yellow metal has been under pressure as the US-China trade dispute appears near an agreement putting an end to back and forth tariffs and Brexit entering its final weeks,” wrote Alfonso Esparza, senior market analyst at Oanda, in a recent research note.

On Thursday, however, the tariff tiff may take a back seat to ECB President Mario Draghi & Co. The ECB’s policy statement is due at 7:45 a.m. Eastern Time, with a Draghi news conference scheduled for 8:30 a.m. Investors expect little action from the central bank on interest rates, but will watch to see if the central bank responds to weak eurozone economic indicators in recent months, including a recession in Italy, by delaying the potential timetable for rate increases or moving to provide further long-term liquidity to the region’s banks by renewing or extending a program of long-term loans.