Gold futures trades high on global stimulus hopes

Gold futures trades high on global stimulus hopes

Gold futures trades high for about three weeks on Monday, amid expectations that the European Central Bank is being moved closer to embark on quantitative easing measures to spur inflation. And hedge funds added to gold bullish bets in the quickest pace since June as the action of the central bank of China to Japan and Europe helped containing the rout in prices.

The president of the European Central Bank, Mario Draghi warned Friday that inflation expectations are dwindling to levels that were too low and said it is ready to expand its stimulus package to drive inflation as quickly as possible.

Stimulus activity from China and Europe more than supports demand for gold, and Gold dropped on Nov. 7 to the lowest level since 2010 as a strengthening U.S. economy and dollar fueled bets the Federal Reserve is moving closer to raising borrowing costs.

Gold Futures climbed 1.1 percent to $1,198.40 an ounce last week on the Comex in New York. On Friday, Comex gold prices rose to a session high of $1,207.60 a troy ounce, the most since October 30.

Read more: Gold Wagers Gain as China Rate Reduction Stems Rout

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