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Commodities Briefing - Categorized | Bullion/Gold, Price Watch more

Gold hits 11-month high after ECB; $1,800 in sight

Posted on 05 October 2012

Gold rose to its highest price in 11 months on Thursday, with the market’s sights set firmly on $1,800 an ounce, as the inflation-hedge appeal of bullion was bolstered by signs the European Central Bank intends to keep borrowing costs low. Platinum group metals rallied as labor unrest in South Africa’s platinum mines showed little sign of abating, which could reduce output.
ECB President Mario Draghi said everything was in place for the bank to buy the bonds of troubled euro zone countries such as Spain and that conditions linked to such purchases need not be punitive. The ECB also kept its main refinancing rate steady at 0.75 percent, a record low, to stimulate economic growth……………………………………….Full Article: Source


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