Precious-Gold traded below $1300 on Thursday as the ease in Ukraine tensions lowered haven demand on the metal.

Investors are still focusing on the latest updates in Ukraine, where Russian President Vladimir Putin called pro-Russian separatists to postpone a vote on secession, which is supposed to be held May 11.

In addition, Putin ordered his troops to step away from the Ukrainian border, easing some of the tensions after a week full of violence.

Meanwhile, there is some improvement in the sentiment after the ease in Ukraine tensions and data from China that signaled 0.9 percent advance in exports in April.

Later in the day, eyes will focus on rate decision by the European Central Bank that will be followed by ECB Chief Mario Draghi’s comments on the economy and monetary policy.

While the ECB will probably hold interest rates, it may announce new measures to cap the pressure stemming from low inflation.

Yesterday, Fed Chair Janet Yellen said recent data has showed “solid growth” in the second quarter, raising expectations of faster expansion this year. But she hinted that the Fed must continue to endorse the economy as inflation and employment indicators are still far from the central bank’s target.

Gold is currently trading around $1291.12 an ounce after hitting a high of $1292.29 and a low of $1287.26.

The fall above Daily SMA 200 located at $1298 levels forced the metal to record its biggest one-day drop in three weeks on Wednesday.

The U.S. dollar retreated versus a basket of major currencies to hover around 79.19, after hitting a peak of 79.30, according to the dollar index.

Crude oil for June’s delivery slipped to trade around $100.58 a barrel after touching a low of $100.50.

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