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Gold prices shot to the highest level in a month after the ECB policy announcement struck a decidedly dovish tone, as expected. Officials said they will wind down QE by year-end but this looked like an admission of defeat, not a declaration of victory. President Draghi said follow-on rate hikes will not come at least until the second half of 2019 and stressed the need for continued accommodation.
The markets were looking for a decidedly more hawkish outcome, so it seems hardly surprising that the ECB’s timid tone offered a lift to non-interest-bearing assets epitomized by the yellow metal. Gains proved fleeting however as a parallel plunge in the Euro echoed as broad US Dollar strength via the bellwether EUR/USD exchange rate. That undermined anti-fiat appeal, erasing most of gold’s gains for the day.
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