Gold dips as dollar gains versus euro after ECB decision

Reuters/Maytaal Angel/10-26-17

Gold dipped on Thursday as the dollar gained versus the euro after the European Central Bank said it would cut back its bond purchases but hedged the move by also extending the lifespan of its bond-buying programme.

The ECB’s decision to cut back bond purchases was widely expected and factored into gold prices and the dollar, with the move to extend the bond-buying programme’s lifespan taking the wind out of the euro’s rally versus the dollar.

…Also weighing on gold and boosting the dollar was fresh speculation that the next Federal Reserve chair could be a policy hawk following reports that current Fed chair Janet Yellen is out of the race.

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