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MTECHTIPS:-Gold near 2-week highs after ECB meeting

Friday, October 21, 2016 0:51

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MTECHTIPS:-Gold near 2-week highs after ECB meeting

MTECHTIPS- Gold prices were trading close to two-week highs on Thursday after the European Central Bank indicated that it would wait until December to discuss tapering its asset purchase program, or the possible horizon at which stimulus might end. Gold for December delivery on the Comex division of the New York Mercantile Exchange was trading at $1,271.75 a troy ounce at 09.14 ET. On Wednesday, gold settled up 0.6% at $1,269.90, the highest close since October 3. ECB President Mario Draghi said the bank did not discuss a possible extension of its asset purchase program beyond its scheduled end in March at its meeting. But he did indicate that an adjustment to the stimulus program could come in December, saying its assessment would benefit from new economic projections by ECB forecasters. The ECB left interest rates across the euro zone unchanged at record lows of zero earlier Thursday and kept the deposit facility rate at -0.4%. The euro fell to four-month lows against the dollar following Drag’s remarks. The U.S. dollar index, which measures the greenback’s value against a basket of six major currencies, was boosted by the weaker euro, rising 0.35% to 98.21. Gold is priced in U.S. dollars and becomes more expensive to holders of other currencies when the dollar strengthens.

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