Gold turned lower on Thursday, pulling back after having touched a high at $1140.80, as the euro may face further selling pressure as the European Central Bank’s kept the interest rates steady at 1% record low.

That would work to boost the dollar and in turn reduce the role of gold as an alternative investment. Gold for April delivery lost 0.4%, surrendering at $1,132.20.

In foreign-exchange trading, the euro slipped to $1.3633 from $1.3708 late on Wednesday, as currency traders awaited more commentary from Jean-Claude Trichet, president of the European Central Bank.

Also, Sterling was traded at the same level so far today even after the announcement of the BOE keeping the interest rates unchanged. The Sterling is trading between a high at $1.5118 and a low at $1.5025.

“The metal still has to overcome resistance around $1,146 and $1,162 and is still vulnerable to E.U.- and euro-related pressure, particularly as the threat of a ratings downgrade for Greece remains,” said analysts at TheBullionDesk.com

On the U.S. news, the number of people filing for initial unemployment benefits declined by 29,000 in the week ending Feb. 27 to a seasonally adjusted 469,000, the Labor Department reported Thursday.