Gold tallies a back-to-back gain after ECB unleashes basket of easy-money measures
Friday, 13 September 2019 02:17 WIB |
PRECIOUS METALS |GOLDEMAS
Gold futures marked a second consecutive gain Thursday after the European Central Bank cut eurozone interest rates and delivered a batch of measures intended to boost the region's sluggish economy ” bullish moves for bullion.
The ECB cut its deposit rate further into negative territory, decreasing it by 10 basis points to negative 0.5%, while also announcing it would restart its monthly bond-buying program as it attempts to juice inflation and European expansion.
December gold on Comex gained $4.20 an ounce, or 0.3%, to settle at $1,507.40 an ounce after rising by 0.3% Wednesday. Silver for December delivery, meanwhile, added nearly a penny, or 0.04%, at $18.177 an ounce, after giving up less than 0.1% a day ago.
Still, gold futures finished well below the session™s high of $1,532.20 as U.S. bond yields turned higher, dulling demand for gold, which doesn™t offer a yield.
Source : Marketwatch