ECB meeting crucial for gold

Market participants will be focusing their attention on today's meeting of the ECB. There has been growing speculation in recent weeks that the ECB will scale up its bond purchasing programme. 

"However, the ECB will adopt a wait-and-see attitude today", says Commerzbank. 

If ECB President Draghi were to announce an extension or expansion of the QE programme after all, this would presumably weaken the euro, in which case gold in euro terms should be able to fare somewhat better.