Gold futures dropped after the European Central Bank said it wouldn™t consider adding to bullion purchases.
The
ECB discussed buying all assets except the metal as it plans to
reassess stimulus next quarter, President Mario Draghi said today. The
comments come after Executive Board member Yves Mersch said last month
that the bank could œtheoretically buy bullion.
Gold
has rebounded 6.8 percent since touching a four-year low on Nov. 7 amid
speculation that lower prices would start to attract increased physical
purchases, including from central banks. Investor demand for precious
metals has waned amid a rally for equities and the dollar and as
inflation remained low.
Gold
futures for February delivery slipped 0.1 percent to settle at
$1,207.70 an ounce at 1:43 p.m. on the Comex in New York, dropping for
the second time in three days.
Source : Bloomberg
