As of 4:11 PM EDT gold futures have maintained a price above $1,500 per ounce, with the December Comex contract currently at $1,506, a net gain of $2,80 on the day. However, it is not the net gain that got the attention of market participants, but rather the wild price swings that developed as fundamental events unfolded.
According to Reuters, the ECB released a statement following their meeting in Frankfurt last week. It announced some of the following changes.
“1. The interest rate on the deposit facility will be decreased by 10 basis points to -0,50 percent.
Net purchases will be restarted under the Governing Council’s asset purchase programme (APP) at a monthly pace of €20 billion as from November 1.
Reinvestments of the principal payments from maturing securities purchased under the APP will continue.” — Kitco.