Gold Price Edges Lower As ECB Stands Pat

London (June 8)  Gold futures were slightly lower Thursday morning as the European Central Bank kept its key interest rate unchanged.

Traders await the press conference from ECB President Mario Draghi for clues about whether the central bank will unwind stimulus. Also, polling stations opened across Britain to elect a Prime Minister, and former FBI director James Comey will continue testimony about President Donald Trump's Russia investigation.

Gold was down USD7 at USD1286 an ounce, having failed to push above USD1300 in its latest rally.

Eurozone's economy expanded more than initially estimated in the first quarter on domestic spending. Gross domestic product climbed 0.6% sequentially, faster than the 0.5% growth estimated previously, latest data from Eurostat showed Thursday. The economy grew 0.5% in the fourth quarter of 2016.

Source: Alliance