Gold Futures Prices Hit 2-Week High After ECB Meeting

Gold Futures Prices Hit 2-Week High After ECB Meeting

Prices of US gold futures traded close to highs of two weeks on Thursday after the ECB indicated to wait until December to discuss reducing its program of asset purchases, or an overall rising trend and robust demand in the festive season.

Gold for December delivery on the Comex Exchange was trading at $1,271.75 a troy ounce.

Globally, Spot gold rose 0.53 per cent to $1,268.90 an ounce.

The ECB president Mario Draghi said the bank would not discuss a possible expansion of its buying assets program beyond its scheduled completion at its meeting in March.

But he pointed out that an adjustment to the stimulus program would come in December, saying that their assessment will benefit from new economic projections by the ECB forecasters.

The ECB left interest rates between the euro zone without change at an historic low of zero in early Thursday and maintained the type of the deposit facility at -0.4%.

The euro fell to four-month lows versus the dollar after Draghi’s statements.

The sentiment was strengthened after gold rose to the highest in two weeks in the global marketplace as a weaker dollar pushed buyers to exchange traded resources backed by the metal on speculation that a boost in interest rate US will be gradual.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up Rs. 160 to Rs. 30,540 and Rs. 30,390 per 10 grams on festive rush.

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