Gold prices traded lower on Thursday. Spot gold was at $1,199.50 a troy ounce in morning European trade.

A stronger greenback weighed on gold price. The U.S. dollar traded higher against the most major currencies. The greenback remained supported by yesterday's non-manufacturing purchasing managers' index. The Institute for Supply Management's non-manufacturing purchasing managers' index for the U.S. climbed to 56.9 in February from 56.7 in January, beating expectations for a decline to 56.5.

The U.S. labour market data on Friday might provide the further direction of gold price.

MarketWatch

European stocks rise, euro drops as investors wait for QE details

LONDON (MarketWatch) - European stocks gained Thursday, with investors gearing up to hear more on monetary policy and the state of the eurozone economy from the European Central Bank.

Source: http://www.marketwatch.com/story/european-stocks-rise-euro-drops-as-investors-wait-for-qe-details-2015-03-05

Reuters

UPDATE 3-Brent above $61 as Iran news offsets U.S. stockpiles

LONDON, March 5 (Reuters) - Brent crude future prices rose above $61 a barrel on Thursday, as investors brushed aside bearish U.S. inventories data to focus on the lack of a deal in talks over Iran's nuclear programme.

Source: http://uk.reuters.com/article/2015/03/05/markets-oil-idUKL4N0W72AP20150305

Reuters

UPDATE 1-World food prices continue to fall in February - U.N. FAO

(Reuters) - Global food prices fell 1 percent in February to their lowest in more than four-and-a-half years, with cereals, meat and sugar declining, oils steady and only dairy prices rebounding sharply, the United Nations food agency said on Thursday.

Source: http://www.reuters.com/article/2015/03/05/food-fao-idUSL5N0W71YE20150305

(raw materials / closing price /% change)

Oil 51.53 +2.00%

Gold 1,200.30 -0.05%