Gold prices end lower on Thursday, but hold only slight weekly gain

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Gold futures slipped on Thursday to end lower, after the European Central Bank outlined plans to raise interest rates in the region for the first time since 2011, in a bid to tame soaring European inflation. Gold for August delivery GCQ22, -0.02% GC00, -0.02% shed 0.2%, or $3.70, to settle at $1,852.80 an ounce on Comex. While the ECB’s policy announcement didn’t contain surprises, Ed Moya, a senior market analyst at Oanda, said a strong dollar continues to weigh on gold prices as traders eye the threat of persistently high inflation globally and slower growth, despite the retreat of easy-monetary policies. The most-active gold contract was up 0.1% for the week and 0.2% higher in June, according to FactSet.

This article was originally published by Marketwatch.com. Read the original article here.

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