Gold price decline fallowing the dynamics of the euro after ECB meeting and Mario Draghi’s comments.
European Central Bank President Mario Draghi but did not make specific promises about QE extension or taper.
The key interest rate has been maintained at a record-low of 0%, where it had been since March of this year. In addition, the ECB’s management has decided to leave the rate on deposits at the level of -0.4 meaning that commercial banks pay the central bank for the storage of their excess reserves.
Draghi said that the “sharp end” of asset the purchase program “unlikely”. The relevant decision on this issue will be taken within the framework of the ECB meeting on 8 December.
At the same time, the US dollar rose on stronger expectations about further increases in interest rates by the Federal Reserve.
The cost of December futures for gold on the COMEX fell to $ 1265.6 per ounce.
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