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Gold Moves Sideways as ECB Cuts Benchmark Interest Rate

TheStreet

Gold prices move sideways on Thursday after the European Central Bank cut its benchmark interest rate to 0.15%. Rosland Capital senior economic adviser Jeffrey Nichols tells TheStreet's Joe Deaux that the ECB's move is a mixed blessing for gold. While it suggests more economic stimulus from Europe, it also strengthens the United States dollar. Gold investors also may be waiting until the May jobs report emerges Friday before they decide to buy or sell the yellow metal. Nichols says the employment report could influence gold prices, but this current range may hold if the data is in line with expectations.