2017.06.2723:08:00UTC+00Gold Strengthens as Dollar, Equities Slip

Gold prices strengthened on lower equities and a weaker U.S. dollar after European Central Bank President Mario Draghi implied that the European Central Bank might reduce its stimulus in 2017.

Spot gold has climbed 0.2 percent to $1,249.17 an ounce. U.S. gold futures for August delivery rose 0.2 percent to $1,249.40 an ounce.

The U.S. dollar fell to 10-month lows versus the euro after Draghi ushered in steps that could start to reduce the ECB's stimulus. Asian shares were lower on Wednesday after U.S. equities dropped in the aftermath of the delay to a U.S. healthcare reform vote.

A big sell order which reached 1.85 million ounces drove the precious metal to a six-week low on Monday, however, gold failed to break below the 200-day moving average.

Gold prices have gained every month in 2017 so far, as a result of geopolitical tensions which recently includes Syrian hostilities, a bailout of Italian banks, the U.K.'s negotiations to leave the European Union as well as the policies of U.S. President Donald Trump.