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Gold gets a boost Thursday
Gold prices moved higher Thursday on the Comex division of the New York Mercantile Exchange after a jump start prompted by a signal of support for the euro.
European Central Bank President Mario Draghi said the bank would do “whatever is needed” to support the euro, which put several markets in reverse. Equities in Europe and on Wall Street climbed, while investors unloaded U.S. dollars. Commodity markets started strong, although some of the boom faded by the end of the day.
Gold added $6.90 to reach $1,619,60 per troy ounce. Silver ended even at $27.46 per troy ounce.
The euro rose to $1.228 from Wednesday’s $1.2157. Against the yen, the dollar rose to 78.20 yen from 78.15 yen.
On the International Exchange, the dollar index, a prorated measure of the dollar compared with six other major currencies, fell 0.91 percent to 82.83.
The British pound rose to $1.5685 from $1.5497. The dollar fell to 1.0101 Canadian from 1.015 Canadian.
Copyright 2012 by United Press International