Gold Gains on Safe-Haven Demand Following ECB QE Announcement
Gold ended the U.S. day session with moderate price gains Thursday. Safe-haven buying interest was featured in the aftermath of the European Central Bank’s move to implement quantitative easing of its monetary policy. The QE package was more aggressive than most market watchers expected, which added some uncertainty to the market place Thursday. More chart-based buying was also featured in the gold market Thursday as the near-term technical posture for gold continues to improve. February Comex gold was last up $8.40 at $1,302.10 an ounce. Spot gold was last up $9.10 at $1,302.50. March Comex silver last traded up $0.212 at $18.405 an ounce.
Gold/EUR Hitting April 2013 Levels
Gold climbed above $1,300 an ounce, or 0.5%, in U.S. markets, Thursday, following the European Central Bank’s unexpected trillion euro stimulus package announcement; however, gold in euro terms is most notable. After Wednesday’s close of roughly €1,113.41 an ounce, gold denominated in euros was able to climb 2.73% Thursday, to session high of €1,145.61 an ounce. This is the highest level seen since April 2013. Following the ECB move, the euro slid to an 11-year low against the U.S. dollar and now sits around 1.1373 as of 1:39pm EST.
Germany’s Angela Merkel Calls For ‘Urgent Fiscal Reforms’
(Kitco News) – At the same time the European Central Bank was surprising markets with a €60 billion monthly asset-purchase program, Germay’s Chancellor Angela Merkel was advocating for “urgent fiscal reforms” in Europe at the 45th World Economic Forum annual meeting in Davos, Switzerland.
Eldorado Gold 2015 Guidance Disappoints, Still Bullish Long-Term – CIBC
Eldorado Gold Corp.’s (TSX:ELD)(NYSE:EGO) 2015 gold production guidance of 640,000 to 700,000 ounces, at all-in sustaining costs between $960 to $995 per ounce, struck CIBC as disappointing, given expected production is 16% lower, and operating costs were 10% higher, than the bank anticipated.
ECB Surprise €60B QE Package Not Enough, Currency Wars At Play – Davos Conference
(Kitco News) – Central banks have surprised markets this month, and the European Central Bank was no exception on Thursday announcing a much higher than expected stimulus package for the region.
Read moreGold Rallies in Wake of ECB QE Announcement, as European Markets Roiled
Safe-haven demand has once again rallied the gold market in moderate fashion Thursday morning, amid some confusion and uncertainty in the immediate aftermath of the European Central Bank’s move to initiate a quantitative easing of its monetary policy….
Read moreECB To Buy Sovereign Debt, Expanding Monthly Purchase-Program To €60 Billion
(Kitco News) – The European Central Bank will launch an expanded “asset purchase program,” expanding its monthly purchases to €60 billion, said ECB President Mario Draghi Thursday.
Gold Fluctuates In Wake of ECB QE That Was More Aggressive Than Expected
Gold is presently modestly higher in early U.S. trading but price action is choppy and on both sides of unchanged in the aftermath of European Central Bank President Mario Draghi’s details of the quantitative easing of monetary policy package. Those details were more aggressive than most market watchers expected. February Comex gold was last up $0.60 at $1,294.60 an ounce. Spot gold was last up $0.50 at $1,294.00. March Comex silver last traded up $0.072 at $18.26 an ounce.
U.S. Weekly Jobless Claims Fall To 307,000
(Kitco News) – Following last week’s much higher-than-expected rise, weekly jobless claims in the U.S. fell by 10,000 claims, from the previous week’s revised level, to a seasonally adjusted 307,000 claims during the week to Saturday, the Labor Department said Thursday.
ECB Leaves Rates Unchanged
(Kitco News) – The European Central Bank, as expected, left interest rates unchanged Thursday.
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