Gold prices dip in Asia on stronger dollar, safe-haven demand
Gold prices fell in Asia as the dollar showed continued gains and demand for safe-haven assets is on the wane for now. Overnight, gold prices fell after the dollar hit three-month highs following a slump in euro as the European Central Bank pared its bond purchases while extending its monetary stimulus programme for a period of nine-months. The European Central Bank announced its intention to rein in monetary stimulus, reducing its monthly purchases of bonds to €30 billion while extending its bond purchasing programme for a period of nine months through September 2018.Although the move was widely expected, the euro came under pressure, lifting the dollar to highs, as investors weighed ECB president Mario Draghi’s comments indicating that the central bank’s bond buying programme is “open ended”, leaving the door open to a prolonged period of monetary stimulus beyond September 2018.
(Source: Investing)
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