Gold Futures Rise to $1,703.50 on Draghi’s Bond-buying Announcement

Bloomberg reported that European Central Bank President Mario Draghi’s announcement of an unlimited bond-buying program for the Eurozone drew gold futures up to $1,703.50, their highest level since March.

As quoted in the market news:

Gold futures for December delivery gained 0.6 percent to $1,703.50 an ounce at 9:59 a.m. on the Comex in New York, after earlier jumping to $1,716.90, the highest for a most-active contract since March 12.

Gold will be at $1,840 by the end of 2012, Jeffrey Currie, head of commodities research at Goldman Sachs Group Inc., said in a Bloomberg Television interview today.

Click here to read the full Bloomberg report.