Gold rises on rate reduction expectations

Union

Gold rises on rate reduction expectations

LONDON (Reuters)

The price of gold rose yesterday after touching a weeklong floor during the previous session, bolstered by the forecasts that the major central banks would ease their monetary policy.
At 5:57 GMT, gold futures advanced 0.1% to $ 1415.15, after dropping to their lowest level of the week, at $ 1,410.77. the previous session.
The yellow metal has lost 0.7% since the beginning of the week, recording the first weekly decline in three weeks.
Futures on US gold reached $ 1414.40.
Market participants are now turning to the monetary policy meeting of the US Central Bank to be held July 30 and 31, as the bank is expected to cut interest rates by at least 25 points basic.
The ECB kept interest rates unchanged the day before, but its chairman, Mario Draghi, said the bank was ready to cut interest rates in September.