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Gold Choppy as ECB Takes Note of Euro Strength

by Peter A. Grant

Feb 07, AM
(from USAGOLD.com) --

Gold retreated into the range in early New York trading, weighed by a stronger dollar. However, those intraday downticks proved short-lived.

The initial retreat was spurred by concerns expressed by ECB chief Mario Draghi about recent euro strength. While the ECB held steady on rates today, the implications was that if the stronger euro began to have a negative impact on the economy, the central bank would reconsider its policy position.

The euro dropped back below 1.3400 for the first time in two-weeks on the prospect of easier policy and the corresponding dollar strength weighed initially on gold. However, the yellow metal has snapped back and is presently trading back in positive territory, more than $15 off the intraday low, even as the euro is sustaining its losses.

Euro strength may indeed exacerbate the current recession in Europe, particularly given the recent sharp losses in the yen, which make things like German cars more expensive on the global market. Simultaneouly, a strong currency diminishes inflation risks, giving the ECB the leeway for a rate cut. Gold may have rebounded on rising expectations that the ECB will at least be considering a retaliatory strike against the BoJ and Abe government.

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Gold Choppy as ECB Takes Note of Euro Strength