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Los Angeles CA, May 8 (Tangible Investments) - by James O’Dell - Precious metals prices retreated across the board on Wednesday with gold easing $17.80 or 1.36 percent to close at $1,289.60 an ounce, after Russia's President Putin announced that he was ordering his troops to pull back from the Ukraine border while he called for pro-Russian separatists to postpone a referendum to secede from Ukraine scheduled for Sunday. Silver dipped $0.27 or 1.38 percent to close at $19.30 an ounce, while the gold/silver ratio inched up to 66.82.
 
Gold prices have steadied on Thursday with investors picking up bargains as the dollar tumbled ahead of a key policy meeting of the European Central Bank (ECB). "Today sees the ECB meeting at which ECB President Mario Draghi will have to nail his colors to the mast," said Commerzbank in a note. "If the press conference were to spark any EUR-USD response, this would doubtless also impact on the gold price."
 
Meanwhile, the Financial Express of Dhaka, Bangladesh, reported on Wednesday that there has been a massive increase in gold smuggling into Bangladesh over the past year. The National Board of Revenue has revealed that while just 25 kg of smuggled gold was seized in Bangladesh in 2012, which was prior to India instituting its draconian tariffs of more than 10 percent on gold imports last year.
 
Since then, however, 520 kgs were seized in 2013, and in the first three months of this year, 220 kg have already been seized from just two of the nation's international airports. The gold smugglers detained at Dhaka and Chittagong airports confirmed that India was in fact the final destination for the gold said officials. Law enforcement officials in Bangladesh view the smuggling as a potential risk to national security as multiple international smugglers are involved, as well as a suspect staff at the Civil Aviation Authority.
 
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