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22.01.2015 11:00

Gold further retreats from 5-month high before ECB meeting

Gold prices declined today after trading in yesterday's session above USD1,300 for the first time in five months. After reaching USD1,305.10 yesterday the precious metal declined and continued to fall as market participants see less necessity for safe haven assets with the ECB launching a large scale economic stimulus program. According to insiders the ECB Executive Board has proposed to purchase 50 billion euros in assets a month through the end of 2016 not starting before the 1st of March.

The ECB's policy meeting is scheduled for today, the press conference will start at 13:30 GMT.

A broadly stronger dollar also weighed on the precious metal as it makes dollar-nominated gold more expensive to buy for holders of other currencies and investors took profit after the recent rally of gold.

Although the precious metal is weighed down by the ECB, investors' concerns over the outcome and the consequences of the Greek elections on January 25th are lending support to gold as the next Greek government will have to decide whether to extend the international bailout or not. The anti-austerity party Syriza leads in polls by almost 5%, adding to uncertainty on the markets.

The precious metal is currently quoted at USD1,286.30, -0,50% a troy ounce.

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