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Gold rises as dollar retreats |
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 Arab and international |
Economy News _ Baghdad Gold prices rose on support from the weak dollar and the euro, Thursday, as the market expects the ECB to cut monetary stimulus at its meeting today. It is almost certain that the ECB will reduce its bond buying program, taking the biggest step after years of monetary easing. The euro was up 0.1 percent against the dollar to $ 1.1829 while the dollar fell 0.1 percent to 113.58 yen. A rise in the euro against the dollar could benefit gold, making the purchase of the dollar-denominated precious metal cheaper for holders of other currencies. By 0618 GMT, spot gold rose 0.3 percent to $ 1280.42 an ounce. US gold futures for December delivery rose 0.2 percent to $ 1281.80 an ounce. The spot price of silver rose 0.5 percent to $ 17 an ounce. Platinum was little changed at $ 919.75 an ounce, and palladium rose 0.8 percent to $ 967.80 an ounce. |
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