Gold prices holding steady as ECB raises interest rates by 50 basis points and will continue its aggressive path in March
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Thursday, in line with expetations, the ECB raised interest rates across the board by 50 basis points; the main refinancing operations, marginal lending facility and the deposit facility rose to 3.00%, 3.25% and 2.50% respectively. The ECB also warned investors that it is not through raising interest rates as inflation remains a threat to the region’s economy.
“The Governing Council will stay the course in raising interest rates significantly at a steady pace and in keeping them at levels that are sufficiently restrictive to ensure a timely return of inflation to its 2% medium-term target,” the central bank said in its monetary policy statement.
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