Gold prices rose above a
August gold futures climbed $10.53, or 0.80%, to $1,329.33 per ounce on Thursday. With the yellow metal’s performance Batman Bounce House during Thursday’s trading session, gold prices are hovering above a
Silver prices also made gains. September silver futures rose $0.16, or 0.84%, to $19.75 an ounce. Silver has been paring some of its gains as of late, especially since crossing $21 per ounce, a
The ECB announced that it would leave key interest rates unchanged. ECB President Mario Draghi told reporters that rates would stay at record lows as he attempts to spur economic growth with cheap money. He promised that the central bank would take even more action to increase inflation and incite economic growth across the eurozone. In the meantime, further easing policies would be delayed.
Euro area financial markets have weathered the spike in uncertainty and volatility with encouraging resilience. It’s too early to say what is going to be the final impact. The only thing that we can say is that it’s a risk that has materialized, and it’s a downside risk.
With the Bank of England (BOE), the Bank of Japan (BOJ), and the ECB refraining from employing helicopter money at the moment, gold prices have taken advantage of this since global financial markets have relied on this level of stimulus since the Great Recession.
Gold prices were further supported on Thursday from weaknesses in the US dollar and the US equity market.
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