Tighter monetary policy in the euro zone could be seen as either positive or negative for gold, depending on whether the market responds more favourably to a stronger euro, or less favourably to a rise in the opportunity cost of holding the non-yielding metal.
Mario Draghi reiterated concerns that inflation remains low, as he poured water over hopes that policymakers would soon scale back the bloc's huge money-printing programme.
"We need to be persistent, and patient", Draghi said, as "really there isn't any convincing sign of pickup" in inflation.
European Central Bank head Mario Draghi will face questions on Thursday about when and how the bank might withdraw its stimulus measures.
The euro is up nearly 10% so far this year but and was a shade lower at US$1.1511 ahead of Draghi's news conference, having hit a 14-month high of US$1.1583 on Tuesday.
Even though United Kingdom retail sales proved stronger than forecast in June this was not enough to boost the Pound Euro exchange rate.
Analysts have been expecting the ECB to give a clearer sign at the September 7 meeting of when it might start decreasing its 60 billion euros ($69 million) in bond purchases, which are aimed at raising inflation from 1.3 percent toward the bank's goal of just under 2 percent.
The euro was down 0.1 per cent against the dollar before the policy decision, but hovered close to a recent a 14-month high.
Chicago futures speculators had at the same time sold the yen believing that the Bank of Japan would stick to its loose monetary policy at Thursday's monetary meeting, with their net short position at two-year highs.More news: Authorities: Gardendale shooting suspect fled in vehicle
The euro dropped to $1.1489 against the dollar on the news, losing some of the gains recorded in recent weeks.
They were lifted as oil prices held the near 2% gains they had made the previous session when falling United States crude inventories gave the market a lift ahead of a key OPEC meeting next week.
The euro has gained almost 11 percent so far this year against the dollar.
United Kingdom government deficit figures are expected to have shown an improvement upon the previous month, with the spending shortfall anticipated to have shrunk by around -£1.7 billion.
Elsewhere, International Trade Secretary Liam Fox said a bespoke trade deal between Britain and the European Union should be "one of the easiest in human history" to reach but that Britain could "survive" without an agreement.
In the fiscal 2019, inflation is forecast to be 2.3 percent instead 2.4 percent.
'Our outlook is optimistic and we aim to achieve growth in underlying earnings in the region of approximately 5% to 15% during 2018, ' said chief executive Mike Ashley.
Treasury yields fell modestly to the 2.24% range after he spoke.
The pan-European Stoxx Europe 600 index weakened by 0.43 percent.