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Gold Drops As ECB Turns Hawkish

Thu, 8th Mar 2018 19:02

WASHINGTON (Alliance News) - Gold prices were lower Thursday amid expectations the Federal Reserve will raise interest rates later this month.

April gold settled at USD1,321.70/oz, down USD5.90, or 0.4%.

The European Central Bank left its key interest rate unchanged, and in a somewhat hawkish note, the ECB omitted a line that talked about increased quantitative easing if the the economic outlook worsens.

However, ECB President warned of trade wars and offered criticism of US President Donald Trump.

"There is a certain worry or concern about the state of international relations, because if you put tariffs on your allies, one wonders who your enemies are," he said.

Traders await the release of the Labor Department's closely watched monthly jobs report on Friday.

US Employment is expected to jump by 200,000 jobs in February, matching the increase seen in January. The unemployment rate is expected to dip to 4.0% from 4.1%.

Copyright RTT News/dpa-AFX

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