Gold Up 1.1% To US$1635 As ECB Holds Interest Rates Unchanged

By Staff,

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Gold was modestly firmer this morning, finding support in weakness in the U.S. dollar against the euro as investors evaluated comments from the European Central Bank. The ECB was being monitored for hints as to what the next steps may be to fight the euro zone debt crisis, as it announced -- as expected -- that it would keep interest rates unchanged.

U.S. gold futures for August delivery at 09:00 a.m. ( ET ) were up $17.90, or 1.1%, at US$1,634.80.

The ECB may provide hints it could ease monetary policy as early as next month given economic weakness. ECB president Mario Draghi is currently speaking to reporters, and according to Marketwatch, has stated that "a few" ECB members preferred a rate cut in making today's decision.

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This article appears in: Investing Commodities
Referenced Stocks: ET

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