Gold Rises Most in a Week on ECB Rate Cut, Fed Stimulus
This article is for subscribers only.
Gold futures rose the most in a week after the European Central Bank cut borrowing costs to a record, boosting the appeal of the precious metal as a store of value.
The benchmark interest rate was cut by a quarter percentage point to 0.5 percent with the 17-nation euro region in a recession. ECB President Mario Draghi said that monetary policy “will remain accommodative for as long as needed.” Yesterday, the Federal Reserve pledged to keep buying bonds at a pace of $85 billion a month to boost the U.S. economy.