Gold Climbs on Draghi’s Euro Pledge, U.S. Stimulus Speculation
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Gold rose for a second day after the European Central Bank president said policy makers will do whatever is needed to preserve the euro and amid increasing expectations of further stimulus measures in the U.S.
“To the extent that the size of these sovereign premia hamper the functioning of the monetary policy transmission channel, they come within our mandate,” ECB President Mario Draghi said today. Orders for U.S. durable goods excluding the transportation category unexpectedly dropped 1.1 percent in June, the most in five months, a Commerce Department report showed, boosting speculation that the Federal Reserve will step up measures to stabilize growth.