Gold soars in New York
Gold rose nearly 1 percent on Thursday, posting its biggest gain in three weeks, after the European Central Bank cut interest rates to record lows and unveiled a package of new stimulus measures. Dealers said the market could gain further on Friday if US job numbers for May turn out to be surprisingly low. Bullion's spot price was up 0.7 percent at $1,253.30 an ounce late afternoon in New York, its biggest advance since May 14.
Copyright Reuters, 2014
The session high was $1,256.50, while the low of $1,240.90 was above the four-month bottom of $1,240.61 set earlier in the week. US gold futures' most-active contract, August, also rose 0.7 percent, or $9, at the close, settling at $1,253.30. Among other precious metals, silver gained 1.3 percent to $19.02 an ounce. Platinum climbed 0.5 percent to $1,438.95 an ounce. Palladium also rose 0.5 percent, to $836.35 an ounce, after a South African mine workers union reportedly rejected government wage increase plans aimed at ending a five-month strike.