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

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 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.

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