Gold Jumps to Highest Since November on ECB’s Bond Plan
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Gold futures jumped to the highest in almost 11 months as the European Central Bank said it is ready to start buying government bonds, boosting demand for the metal as a store of value. Silver, platinum and palladium also gained.
The ECB will begin purchases “once all the prerequisites are in place,” President Mario Draghi said today after policy makers left the benchmark interest rate at a historic low of 0.75 percent. In the third quarter, gold gained 11 percent, the most since June 2010, as the Federal Reserve announced a third round of U.S. monetary stimulus.