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Argor Heraeus SA-branded one kilogram gold bars are arranged for a photograph at the Chinese Gold and Silver Exchange Society in Hong Kong. Bullion, which slid last year by the most since 1981 as some investors lost faith in the metal as a store of value, rebounded 11 percent in 2014 as the global expansion faltered and tensions escalated in Ukraine. Photographer: Brent Lewin/Bloomberg

The prospect of unprecedented European stimulus that sent gold prices to the biggest gain in three weeks still wasn’t enough to rescue bullion from the doldrums of sinking volatility.

The European Central Bank became the first major central bank to take one of its main rates negative as President Mario Draghi unveiled historic measures to fight deflation. Gold rose more than 40 percent since the end of 2008 as policy makers printed money at a record pace to boost expansion. Futures gained less than 1 percent today.

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