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.

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