Gold Climbs to Five-Week High on Stimulus Speculation: Report

By Midnight Trader,  July 27, 2012, 03:17:15 PM EDT

Gold futures rose to a five-week high on speculation that central banks in the U.S. and Europe will add to stimulus programs in an effort to spur faltering economies, Bloomberg reports.

European Central Bank President Mario Draghi will hold talks with Bundesbank President Jens Weidmann in the coming days on measures including bond purchases, two central bank officials said. Yesterday, Draghi said policy makers will do whatever is needed to save the euro. The U.S. economy cooled in the second quarter, government data showed today.

Gold futures for December delivery rose 0.2% to settle at $1,622.70 an ounce on the Comex in New York. Earlier, the price reached $1,633.30, the highest for a most-active contract since June 19. This week, the metal rose 2.5%, the most since June 1.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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