Gold prices drop from 5-months high after ECB move
ecPulse
2015-01-23 13:53PM UTC
Gold prices pulled away from the previous session’s five-month highs $1,300 an ounce on Friday, following news the European Central Bank (ECB) is launching quantitative easing program. The shiny metal strengthened after the ECB announced on Thursday that it would launch a €60 billion monthly bond buying program that would start in March. The ECB move yesterday, which supported gold prices, should bolster the outlook and avoid deflation in the euro area. Spot gold fell by 0.43% around $1,295 an ounce at 11:39 GMT, compared with the opening level $1,301 an ounce.
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