Gold Prices Weighed Down by ECB, Fed Comments

Gold prices hit their lowest since early January on Wednesday as comments from the European Central Bank lifted the dollar to three-week highs against the euro, accelerating a fall sparked by declining expectations of more U.S. monetary easing. Spot gold was down 1.3 percent at $1,624.21 an ounce at 1338 GMT, having earlier touched a low of $1,617.29, its weakest level since Jan. 10. U.S. gold futures for April delivery were down $45.50 an ounce at $1,626.50. The dollar rose to its highest since mid-March against the euro as investors compared the outlook for the U.S. economy to that of the euro zone after comments from ECB President Mario Draghi. Draghi said the euro zone economic outlook is subject to downside risks relating to the debt crisis and commodity prices. European shares also fell after his comments. Continue reading this article

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