The gold price was little changed on Tuesday as investors wait for the latest interest rate and policy announcement from the European Central Bank (ECB). Currently gold is trading at $1,245.10 per ounce.

Most market participants expect the ECB to reduce interest rates, while others are anticipating that the ECB will initiate a quantitative easing (QE) program in attempt to bolster liquidity in Eurozone.

If the ECB starts QE it would be expected that the Euro would weaken against the Dollar causing the demand for gold to fall. As gold is priced in U.S. dollars a rising Dollar would make gold more expensive in other currencies.

This morning silver is trading at $18.80 per ounce, platinum $1,425 per ounce and palladium at $831 per ounce.