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.