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Gold rebounds from 2010 lows

Gold rebounds from 2010 lows

LONDON: Gold bounced from near six-year lows on Thursday in line with a rebound in the euro, after the European Central Bank announced the minimum cut in its deposit rate that investors had been expecting.

The cut was smaller than some traders had expected, leading to a more than 2pc rebound in the euro. Spot gold was up 0.4pc at $1,056.85 at 1435 GMT, while US gold futures for February delivery were up $2.80 an ounce at $1,056.60.

Gold earlier hit its lowest since February 2010 at $1,045.85 an ounce, after Federal Reserve chair Janet Yellen on Wednesday shored up expectations for a US rate hike this month, before recovering after the ECB announcement.

Published in Dawn, December 4th, 2015

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