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.