(raw materials / closing price /% change)

Oil 50.96 +0.24%

Gold 1,172.4 00.00%

Gold for February delivery was recently down 0.3% at $1,174 a troy ounce on the Comex division of the New York Mercantile Exchange.

Earlier in the session, the The European Central Bank said it would extend the duration of its economic stimulus until the end of 2017, while gradually reducing the amount of government bonds it buys, starting in April.

Investors focused on the message's dovish element, and sent the euro lower against the dollar. A rising dollar is bearish for gold, as the metal is priced in the U.S. currency and becomes more expensive for foreign buyers when the dollar appreciates, Dow Jones says.

"The ECB is still in easing mode, U.S. rates appear to be headed higher, the dollar is stronger, and these are all short-term headwinds for gold, " said Peter Hug, global trading director at Kitco Metals.

This morning, New York crude oil futures for Brent and WTI are trading with little changes. Oil fell the last two days, and now consolidates amid falling US dollar and positive statistics. China (one of the largest consumers of black gold) increased its exports in November by 0.1%, imports - 6.7% compared with the same period last year. Currently, market participants are cautious, waiting for the results of the upcoming OPEC meeting Saturday with non-members of the organization from which the cartel waits cuts of 0.6 million barrels a day.