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10.01.2013 16:36

Gold rose on Draghi’s comments


The price of gold rose sharply, repeating the dynamics of the euro / dollar, after the results of the ECB meeting. ECB rate was not reduced and was left at the level of 0.75% in spite of the fears that arose last month after Draghi said at a press conference that lowering rates "has been discussed."

This time, few economists expected lower rates, Bloomberg consensus forecast shows that only 5 out of 55 economists expected a rate cut today. Market rally began after ECB President Mario Draghi began to speak at the press conference, saying that the decision on the rate at this time was unanimous.

Draghi has shown some inclination to a loose monetary policy, stating that "the risks surrounding the prospects for the euro area is still bearish." He also added that inflation this year will fall below 2% from the 2.2% observed in late 2012.

Answering journalists' questions, Draghi said it was too early to think about folding super soft monetary policy because the economy is still too weak.

February futures price of gold on COMEX today rose to 1678.80 dollars an ounce, and then decreased to the level of 1678.80 dollars per ounce.

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