Hopes Of Economic Stimulus Up Gold Prices

Bloomberg reported that hopes of economic stimulus caused gold futures to rise 0.2 percent, the third advance in four days, to settle at $1,616 an ounce.

As quoted in the report:

Investors expect European Central Bank President Mario Draghi to flesh out a plan to shore up Spanish and Italian bonds. The Bank of Japan (8301) started a two-day policy meeting amid speculation that it may weigh alternative monetary policy, and China’s yuan climbed to a one-week high against the dollar on bets that the government will take steps to revive economic growth.

Matt Zeman, a strategist at Kingsview Financial in Chicago

The notion that there could be some kind of coordinated action by central banks is boosting gold.

Click here to read the full Bloomberg report.