Gold prices rose sharply today , adding about 1 percent , and stepping back from four-month low , after the European Central Bank cut interest rates to record lows and Mario Draghi unveiled a package of new measures to stimulate the economy .

Earlier today, the ECB announced a reduction of all major bets from June 11 . The base rate was reduced from 0.25% to 0.15 % per annum, lending - from 0.75% to 0.4 % per annum. In addition , the regulator has introduced a negative deposit rate - at 0.1% . Later at a press conference , ECB head Mario Draghi announced that the regulator is preparing for massive injections of liquidity. About 400 billion euros will be provided in the form of euro-zone banks long-term loans . Furthermore, the European Central Bank is going to start buying direct assets. The news Gold rose at the fastest pace in 5 weeks . The European Central Bank also lowered its GDP growth forecast for the eurozone in 2014 to 1% from 1.2% , expected in March this year . Real GDP growth forecast for the eurozone in 2016 has not changed - 1.8%. Forecast for 2015 , in contrast, was raised - the ECB expects to increase the region's GDP by 1.7% compared to 1.5 % in March ,

Meanwhile, add that today Societe Generale raised by 7.8 per cent forecast in gold prices in 2014 , citing a geopolitical crisis over Ukraine. Bank predicts that gold will cost an average of $ 1,272 per ounce in 2014 , higher than the previous forecast of $ 1,180 an ounce.

Experts point out that after the news from the ECB market participants directed their attention to tomorrow's data on the U.S. labor market . According to forecasts , the number of people employed in non-agricultural sectors of the economy grew at the end of May to 219 thousand, and the unemployment rate rose to 6.4 % from 6.3% .

The cost of the June gold futures on the COMEX today rose to $ 1253.3 per ounce.