Gold prices continued to rise for a third straight session yesterday backed in hopes of further monetary easing, as it boosted the hopes of stimulating action of a large central banks to revive the ailing global economy attractiveness of gold as a hedge against inflation.
Mario Draghi, and pledged to the President of the European Central Bank to do all that is necessary for the protection of the euro zone from collapse.
The precious metal jumped more than 1 per cent surpassing the average 100 days in his movements supported by U.S. stocks rise after comments Draghi assured that you expect stock markets to study the U.S. Federal Reserve Board of new tools to support growth amid signs of economic slowdown.
The price of gold for immediate transactions of $ 1615.54 an ounce after hitting earlier in the session, its highest level in three weeks at 1621.41 USD/Troy, and U.S. futures rose delivery August (August) 6.9 dollars to 1615 dollars per ounce.
And increased silver immediate 0.22 percent to 27.38 dollars an ounce, while platinum rose about 0.6 per cent to 1399.75 dollars and palladium 0.35 per cent to 563.99 dollars an ounce.
Gold climbed yesterday to the highest level in three weeks, supported by expectations that the European Central Bank intervened to support the ailing public finances for the euro zone after the proposed official lending Fund to strengthen its ability to save. Said Chen Min, an analyst at China Futures Janroy The problems of public finance in Spain as well as weak data from the region made investors believe the ECB will intervene, but the basis of this rise is solid.
He added that he is still the position of the Federal Reserve (Fed) vague on further monetary easing has not worsened the economic situation a lot, and as a result, the opportunities for the rise of gold is not great now.