Today’s AM fix was USD 1,193.25, EUR 958.59 and GBP 761.54 per ounce. Yesterday’s AM fix was USD 1,194.00, EUR 953.60 and GBP 762.65 per ounce.
Gold dipped on Friday as the European Central Bank's chief, Mario Draghi's, comments increased speculation that the bank will inject more monetary stimulus into the euro zone, pushing the euro lower against the dollar.
At a banking conference in Frankfurt, Draghi said the ECB is ready to “step up the pressure” and expand its asset-purchase programs if inflation fails to show signs of quickly returning to the ECB’s target.
“We will continue to meet our responsibility—we will do what we must to raise inflation and inflation expectations as fast as possible, as our price stability mandate requires of us,” said Draghi in his speech at the conference. Draghi said inflation expectations were dropping to levels he saw as excessively low.
Spot gold was down 0.2% at $1,190.61 an ounce at 1018 GMT, off a session high of $1,198.60, while U.S. gold futures for April delivery were down 60 cents an ounce at $1,190.30. Silver was down 0.4% at $16.16 an ounce, while spot platinum was up 0.3% at $1,212 an ounce and spot palladium was up 0.8% at $774.25 an ounce.
Ukraine cut its gold reserves by more than a third in October, data from the IMF showed as the war torn country is nearly bankrupt from the fighting with pro-Russian separatists in the east. However, Russia increased its gold holdings for a seventh straight month in the same period.
Premiums in China, the world’s top consumer of the yellow metal, remain firm between $2 - $3, helping to support global prices.