Gold Down To $1,691 In Anticipation Of ECB Meeting

Reuters reported the price of gold dropped from a near six-month high, down 0.14 percent to $1,681 an ounce, as the eve of a European Central Bank meeting brought on low volumes of trading.

As quoted in the report:

Gold prices stayed within a $9 range a day after testing the $1,700 an ounce level. With just over 100,000 lots changing hands, volume was less than half the 30- and 250-day averages and close to a third of Tuesday’s heavy trade.

Adam Sarhan, chief executive of Sarhan Capital, commented:

The big investors are not committing new money at this stage. Buying on the eve of a big ECB meeting is not wise. To come out and buy today, you’re late to the party.

Click here to read the full Reuters report.