Gold Prices Rises 1% Along With Euro after Draghi Remarks

Gold Prices Rises 1% Along With Euro after Draghi Remarks

Prices of gold was rebounded by 1 percent on Thursday from heavy losses as the rebound of the euro back from a six-week low against the dollar after European Central Bank (ECB) chief Mario Draghi said more interest rate cuts in the eurozone is unlikely, delivering a stronger-than-expected stimulus package.

Gold for April delivery on the Comex jumped $11.60, or 0.92%, to $1,269.00 a troy ounce, after falling by as much as 1.3% to a session low of $1,237.50 immediately after the ECB’s decision.

That sent spot gold to a low of $1,237.06 an ounce, but it had jumped back to $1,265.71, up 1.1 per cent.

EUR / USD up 0.66% to 1.1069 after falling as low as 1.0823 earlier. The euro initially weakened sharply after the ECB cut interest rates across the euro area to new record lows and increased its quantitative easing program. The central bank also announced the latest series of four operations longer-term funding targeted to be launched in June.

But the single currency recovered later, ECB President Mario Draghi said in his post-press conference that did not foresee the need to reduce rates further meeting.

The dollar index, which measures the strength of the greenback against a basket of major currencies, fell 0.65% to 96.56 after rising more than 1% previously.

March meeting of the Federal Reserve was to take last year as a likely point the central bank to raise interest rates further, although that possibility has declined since the financial market volatility picked up and growth concerns world gathered pace.

In Delhi bullion market, Standard gold (99.5 purity) slipped by Rs 255 to conclude at Rs 28,945 per 10 grams from overnight closing value of Rs 29,200.

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