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Gold falls in EUR terms

FXStreet (Mumbai) - Gold prices declined in the Euro terms after an upbeat German IFO data reduced the safe haven appeal of the yellow metal.

Gold in EUR terms or XAU/EUR traded 0.65% lower at EUR 963.51/Oz levels at the time of writing. The yellow metal had gained sharply on Friday after the European Central Bank (ECB) President Mario Draghi expressed readiness to implement more aggressive stimulus measures if the inflation in the Euro zone keeps falling. Markets push Gold higher in EUR terms on speculation that the bank may implement sovereign QE.

However, some of the gains are being erased today after the German IFO data printed higher-than-expected. As per the IFO economist, a weak Euro and falling oil prices pushed the business climate index higher in Germany.

Gold (EUR) terms

The metal has an immediate support located at 961.64, under which prices can fall to 945.57 levels. Meanwhile, resistance is seen at 972 and 978 levels.

BoJ staying the course – GS

According to the Analysts at Goldman Sachs the market is not pricing effectively BoJ’s determination and ability to push inflation higher in spite of the BoJ expanding its quantitative and qualitative easing program on October 31.
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