Gold price trades lower as ECB holds rates
Peter Walden, News Editor
22 Apr 2016, 10:11 a.m.
The gold price traded lower yesterday as the dollar traded sideways and the European Central Bank (ECB) held rates at historic lows.
The gold price traded in a broad range between $1,244.50 and $1,272.30, before closing at $1,252.70 per ounce. Despite yesterday’s slight decline the gold price is still up 17% since the start of 2016.
The gold price had been building momentum, but slipped following the ECB’S decision to keep interests rates unchanged. ECB president Mario Draghi also confirmed the bank will continue its 80 billion euro a month quantitative easing program through to March 2017, and longer if needed.
The silver price traded violently before closing at $17.03 per ounce. At one point the price climbed to an 11 month high of $17.69 per ounce.