Gold Closes Above $1,300 After ECB Announces Stimulus

Gold futures settled above $1,300 an ounce for the first time since August after the European Central Bank expanded stimulus measures, boosting demand for the metal as a store of value.

ECB President Mario Draghi said the bank will buy 60 billion euros a month of assets through September 2016. The Executive Board earlier proposed buying 50 billion euros ($58 billion) of bonds a month through December 2016, according to two euro-area central-bank officials.|