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Gold Prices +9% in 2018 Says GFMS as ECB's QE 'Taper' Dents Euro

GOLD PRICES fell against a rising US Dollar on Thursday but erased this week's earlier 0.7% loss versus the Euro currency as the European Central Bank unveiled a smaller than expected "taper" of its quantitative easing program.
Vowing to keep its zero and negative interest-rate policy unchanged "for an extended period [and] well past the horizon" of QE asset purchases, the ECB said it will halve the monthly volume of bond buying to €30 billion from January.
Continuing to buy until at least September 2018, the Eurozone's chief central bank will then maintain its holdings of government and other debt by "reinvest[ing] the principal payments from maturing securities...for an extended period of time after the end of its net asset purchases."
The Euro lost almost 1 cent versus the Dollar on the FX market, buoying the gold price for German, French and Italian investors back above €1085 per ounce.
Gold prices for US investors fell 0.5% for the week so far in contrast, trading back down to $1275.
Major government bond yields retreated across the board from this week's multi-month highs, with German 10-year Bunds now offering 0.45% and benchmark US T-bonds offering 2.42% per annum – unchanged from the start of 2017 but now just ahead of US inflation on a slowdown in the cost of living.


Gold is being affected by the Euro going down, in turn pushing up the dollar, inversely pushing down gold.

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