The gold price stabilized near $1,538 per ounce

The gold price stabilized near $1,538 per ounce Thursday morning after the European Central Bank (ECB) left its benchmark interest rate unchanged at 1.25%. While the gold price held firm, the euro slid 0.7% to 1.4485 against the U.S. dollar despite the fact that ECB President Jean-Claude Trichet signaled that an interest rate hike at the ECB’s July meeting is likely.

Yesterday saw the gold price fall $8.46, or 0.6%, to $1,536.31 per ounce after Fed Chairman Bernanke made no mention of a third round of quantitative easing in his discussion on the U.S. economic outlook. Despite the gold price sell-off, the yellow metal held within the $1,535 – $1,545 range it has now occupied for nine consecutive trading sessions.