Gold prices rose in Asia on Friday as investors looked ahead to continued easy global monetary policies.
On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.24% to $ 1,168.80 a troy ounce.
Silver for December delivery gained 0.37% to $ 15.895 a troy ounce.
Copper for December delivery inched up 0.05% to $ 2.384 a pound.
Overnight, cGold futures were relatively flat on Thursday in spite of a surging dollar, after European Central Bank president Mario Draghi rattled global markets with strong hints that the bank is ready to lower interest rates and extend the scope of its comprehensive quantitative easing program.
Speaking at a press conference following the completion of a two-day meeting in Malta, Draghi signaled that the ECB is prepared to cut interest rates in the euro zone from their current record-low of 0.5%. Draghi also implied that the ECB will likely ramp up its EUR 60 billion a month bond buying program, as early as its policy meeting in Frankfurt on Dec. 3.
The stimulus measures may help the ECB ward off risks of a prolonged economic slump in the euro zone, as weak economic growth among emerging market nations spills over into the global economy at large. The ECB launched the € 1.1 trillion easing program in March in an effort to stimulate the euro zone's flagging economy. Large-scale bond buying programs are intended to push interest rates down, as the price of government bonds move higher. Quantitative easing programs are also intended to depress currency values, as it becomes more appealing for domestic investors to invest in the region due to the lower rates.
E.Dimitrov JrTrader
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.