Gold Prices Strong As Dollar Weakens Ahead Of ECB Meet

Gold prices gained ground in trade, as the dollar weakened a tad bit, ahead of a meeting of the European Central Bank (ECB). The European Central Bank is slated to increase its asset purchase programme, which is always good news for gold.

Any easing leads to fresh money supply, which reflects well in asset prices like gold. Spot gold rose to $1177 an ounce in the international market. The precious metal had dipped to as low as $1157 an ounce, but, has recovered a bit since then.

Gold prices in India have dropped in the last few weeks. Prices, which were once trading at Rs 29,700 per 10 grams, has now dropped to below Rs 28,000.

Check gold rates in Indian cities here