PRECIOUS-Gold clings to gains with euro as ECB signals end to rate cuts

  • Reuters
  • Commodities News
PRECIOUS-Gold clings to gains with euro as ECB signals end to rate cuts
Credit: © Reuters.

MANILA, March 11 (Reuters) - Gold held on to overnight gains
along with the euro on Friday after the European Central Bank
signaled there would be no further interest rate cuts after
delivering a bold easing package.

* Spot gold XAU= was flat at $1,270.20 an ounce by 0058
GMT, after rising 1.5 percent on Thursday, its biggest
single-day gain in a week. Bullion is on course for a second
weekly gain.
* U.S. gold for April delivery GCcv1 slipped 0.2 percent
to $1,270.60 an ounce.
* European Central Bank chief Mario Draghi announced on
Thursday an aggressive easing package by cutting rates and
expanding asset purchases, but suggested there would be no
further cuts.
* "From today's perspective and taking into account the
support of our measures to growth and inflation, we don't
anticipate that it will be necessary to reduce rates further,"
Draghi said.
* That revived the euro, and lifted gold to near last week's
13-month high, peaking at $1,273.40 on Thursday.
* SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings rose to 25.68 million
ounces on Thursday, the highest since August 2014.
* Physical gold demand was slow in top consumer China this
week, as the metal clung to this year's strong gains, while a
strike by jewellers protesting against the imposition of a tax
curbed demand in No. 2 market India. GOL/AS
* U.S. gold giant Newmont Mining (NYSE: NEM ) NEM.AX said it is selling
its stake in Australian miner Regis Resources RRL.AX to
institutional investors for $182 million.
* For the top stories on metals and other news, click

* The euro hovered near a three-week high, standing atop big
gains made overnight after the European Central Bank roiled
markets by suggesting that it was done cutting interest rates
for now. Asian shares were mostly steady. USD/ MKTS/GLOB

0700 Germany Wholesale price index Feb
1330 U.S. Import prices Feb
1330 U.S. Export prices Feb

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