Gold Inches Higher On China Stimulus Talk

Reuters reported that gold prices climbed 1.5 percent on Thursday, the biggest gain in two weeks for the yellow metal. Boosting the gold price was hopes for additional monetary stimulus from China and renewed austerity steps in Spain which have raised more concerns about the Eurozone.

As quoted in the market news:

Spot gold rose 1.4 percent to $1,776.34 an ounce by 2:59 p.m. EDT (1859 GMT), snapping three consecutive days of losses. Gold is within striking distance of this year’s high at $1,790.30, set on February 29.

U.S. gold futures for December delivery settled up $26.90 an ounce at $1,780.50, with volume about 10 percent above its 30-day average, preliminary Reuters data showed.

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