LONDON (Comodity Online): April gold overnight rose as high as $1,765.90 an ounce, its strongest level since Dec. 2. In euro terms, the metal has reached a 4 ½-month high, said Commerzbank.
Gold is currently being supported by demand from long-term oriented financial investors. The world’s largest gold exchange-traded fund, SPDR Gold Shares, reported another inflow Thursday of around six metric tons. The ETF’s holdings since the beginning of the year holdings have increased by 22.6 tons.
“Speculation about further monetary easing measures--not only in the U.S. and China, but also in Europe--is also providing impetus at the moment,” Commerzbank said.
Bank also added, there is potential for Bank of England policy-makers to undertake a new round of monetary easing as early as next week.
