Firm USD after ECB meeting pushes gold price down

Gold fell to a good $1,120 per troy ounce as a result of the ECB's press conference and is trading only slightly above this level this morning. 

In euro terms, the yellow precious metal held its own at around €1,010 per troy ounce thanks to the firm US dollar which appreciated noticeably against the euro yesterday afternoon after the ECB lowered its growth and inflation forecasts for the Eurozone more sharply than anticipated. 

Furthermore, ECB President Draghi also sees further unequivocal downside risks, highlighting in particular the current weakness of the emerging economies, says Commerzbank.