SAN FRANCISCO (MarketWatch) -- Gold futures rose for a fourth straight session Thursday, benefiting from another round of central banks' decisions to keep rates at historically low levels, but pared those gains as floor trading wound down.
Gold for December deliver, the most active futures contract, added $3.40 an ounce, or 0.3%, to stand at $1,090.70 an ounce in electronic trading in New York.
'It is very clear that central banks are behaving in a way that would suggest that gold is now again being considered a currency within the global monetary system. Look for China to come in next.'It had climbed as high as $1,095.20 an ounce earlier, putting it within $5 of the psychologically key level of $1,100.
David Rosenberg, Gluskin Sheff
George Gero, a precious-metals trader for RBC Capital Markets, cited in emailed comments "continued low interest rates and international fund buying" as the factors pushing up gold prices.
The more thinly traded November contract also rose, gaining $3.60 to $1,090.30 an ounce.
Earlier Thursday, the European Central Bank and the Bank of England both said they would keep rates at record lows of 1% and 0.5%, respectively, and latter said it would expand its asset-purchase programs.
The banks' policy statements followed the Federal Reserve's commitment on Wednesday to keep rates
The banks' policy statements followed the Federal Reserve's commitment on Wednesday to keep rates near zero for an extended period of time. See The Fed.
Low target interest rates and quantitative easing, or the strategy of lowering borrowing costs by buying privately held bonds, have created extra liquidity in global markets.
In the U.S., this extra money has lowered yields on Treasury debt, which can rival gold as a safe haven for investors, and globally raised the risk of long-term inflation. Both factors have supported gold.
In other metals action, silver for December delivery added 0.1% to $17.43 an ounce, while January platinum fell 0.7% to $1,360.20 an ounce, December palladium rose 1% to $332.10 an ounce and December copper lost 1% to $2.9615 a pound
من مواضيع alshangiti :
المهندس / يحيى بن محمد الشنقيطى