Gold prices fell from the highest in five months after two European Central Bank officials said policy makers will propose purchasing 50 billion euros in assets per month through the end of 2016.
The euro briefly pared gains after the report, and U.S. stocks fluctuated. The proposal will be discussed starting today by the ECB’s decision-making Governing Council, which could still change the plan significantly, the people said, asking not to be identified as the proposal is confidential. Purchases won’t start before March 1, one of the people said. A final decision will be announced at a press conference in Frankfurt Thursday.
“Some market participants are disappointed so far with the” amount of stimulus being discussed, Tai Wong, the director of commodity products trading at BMO Capital Markets Corp. in New York, said in a telephone interview. “People will want the details tomorrow, and I think a fair bit of uncertainty remains in the market, which will keep gold supported, but at lower levels.”
Gold prices fell from the highest in five months after two European Central Bank officials said policy makers will propose purchasing 50 billion euros in assets per month through the end of 2016.
The euro briefly pared gains after the report, and U.S. stocks fluctuated. The proposal will be discussed starting today by the ECB’s decision-making Governing Council, which could still change the plan significantly, the people said, asking not to be identified as the proposal is confidential. Purchases won’t start before March 1, one of the people said. A final decision will be announced at a press conference in Frankfurt Thursday.
“Some market participants are disappointed so far with the” amount of stimulus being discussed, Tai Wong, the director of commodity products trading at BMO Capital Markets Corp. in New York, said in a telephone interview. “People will want the details tomorrow, and I think a fair bit of uncertainty remains in the market, which will keep gold supported, but at lower levels.”
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