Gold prices ended higher Thursday, marking their longest streak of session gains in two months as the euro jumped in the wake of a European Central Bank meeting, putting pressure on the U.S. dollar.
The ECB, as expected, left interest-rate policy and other stimulative measures untouched. But the euro jumped as investors looked beyond seemingly dovish remarks by ECB President Mario Draghi to continued expectations the institution will move in the fall to begin tapering its program of bond purchases.
…Gold “has been under pressure in recent days, as the stock markets have been stealing its thunder,” said Nico Pantelis, head of research at Secular Investor. “But we are starting to notice rally fatigue with stocks. So gold prices should be picking up, if stocks retreat.”