Gold price under pressure

Manila-Philippines

Gold slipped on Friday as the euro fell after the European Central Bank hinted at further policy easing amid turmoil in global markets and weaker growth across emerging economies.

Fading growth and inflation prospects will force the ECB to review its policy stance in March, President Mario Draghi said on Thursday, a strong signal that more easing could be coming within months.

Draghi's comments lifted the dollar against the euro and helped battered stocks recover some lost ground, hitting gold which had gained earlier this week from safe-haven demand.

"Gold's past gains have come from uncertainties in the market, but with this move from the ECB it's likely to pressure gold down," said Daniel Ang, investment analyst at Phillip Futures in Singapore.  Spot gold was off 0.3 percent at $1,097.88 an ounce by 0642 GMT.

 

Source: TheNews