Gold Rises on European Stimulus Outlook, Dollar’s Decline

Gold futures rose as the European Central Bank left interest rates unchanged, driving the euro higher against the dollar and boosting the appeal of the precious metal as an alternative investment.

Policy makers meeting in Frankfurt today kept the benchmark rate at a record low of 0.75 percent. ECB President Mario Draghi stuck to his view that the region will recover gradually and said monetary policy “will remain accommodative for as long as needed.” The euro headed for the biggest gain in eight weeks against the greenback.