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Gold Price hits 3-week high as ECB’s Draghi vows to do whatever it takes to preserve the Euro

| July 27, 2012 | Articles: General
Gold Price hits 3-week high as ECB’s Draghi vows to do whatever it takes to preserve the Euro

The wholesale Gold Price leapt more than 1% inside an hour Thursday morning in London, hitting 3-week highs above $1620 per ounce, after European Central Bank chief Mario Draghi said “The ECB is ready to do whatever it takes to preserve” the single Euro currency. “And believe me, it will be enough.” Speaking in London one day after the Gold Price jumped following fresh rumors of more quantitative easing by the US Federal Reserve, Draghi didn’t specify plans, but pointed to the high bond yields now being paid by Eurozone members such as Italy and Spain. “To the extent that the size of these sovereign premia hamper the functioning of the monetary policy transmission channel, […]

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