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Gold prices are reduced from five-month high against the dollar strengthening after the announcement of the quantitative easing program of the European Central Bank.

Quotes rebounded on Thursday after the European Central Bank announced its intention to provide the market with more than 1 trillion euros in buying government bonds. But then, gold has become cheaper as the appreciation of the dollar against the euro.

"There are two forces: the first - technical as $ 1,300 looks very significant level of resistance at this stage. The second force - the strengthening of the dollar after the ECB," - said an analyst at OCBC Bank Barnabas Gan. He predicted that by the end of the year gold can fall in price up to $ 1,000.

Gold prices in euro rose to a maximum on the eve of April 2013 with a mark of 1.150,47 euros per ounce. Investors now await the outcome of the meeting of the Fed next week, hoping to hear hints of period of rising interest rates this year.

However, the supporting factor for gold may be uncertainty about the outcome of the elections in Greece.

The cost of the February gold futures on the COMEX today fell to 1284.30 dollars per ounce.

Brent crude and West Texas Intermediate continue to after the ECB bond buying decision. Brent Crude added +1.98%, currently trading at USD49.48 a barrel, still below the important USD50 level. West Texas Intermediate rose by +1.30% currently quoted at USD46.91. Yesterday prices spiked following the death of King Abdullah of Saudi Arabia. Later his successor Salman bin Abdulaziz stated that the policy of the world's largest exporter won't change. The OPEC will continue to fight for market share.

Oil prices fell by nearly 60 percent over the past six months, and both key brands of oil are currently trading below $ 50 a barrel as the supply of from the United States, Russia and Canada and other producers exceeded demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices

Gold prices declined today after gaining yesterday as the ECB announced to launch a large scale quantitative easing program of 60 billion euro a month starting from March 2015 until September 2016 - a stimulus program well above expectations. Market participants now try to assess whether global economic conditions will affect the timing of an interest-rate hike in the U.S. Market conditions may force the bank to wait longer than intended. Fed policy makers meet next week with inflation near the 2% target and a strengthening economic outlook.

A broadly stronger dollar also weighed on the precious metal as it makes dollar-nominated gold more expensive to buy for holders of other currencies and investors took profit after the recent rally of gold.

Investors' concerns over the outcome and the consequences of the Greek elections on January 25^th are lending some support to gold as the next Greek government will have to decide whether to extend the international bailout or not. The anti-austerity party Syriza leads in polls by almost 5%, adding to uncertainty on the markets.

The precious metal is currently quoted at USD1,294.70, -0,51% a troy ounce.