ICEC

Gold reaches 1790 $ per ounce

Gold rose in Asian trading on Wednesday after finishing the previous session by achieving gains of 1%, this raise was boosted by the expectations of offering low-interest loans later on today by the European Central bank, as Reuters stated.

Gold cash price is hitting to finish February achieving gains of  2.6% before the expected pumping of about half a trillion Euros by the European Central Bank in a move that is seen as designed to give European politicians more time to resolve debt problems in the region.

Also, the immediate sale price of gold rose by 0.2% to reach 1790.05 $ per ounce by 5.00 GMT, and this is its highest price level since mid-November.

U.S. gold futures also rose by 3.40 $ to be 1791.80 dollars per ounce.

On the other side, the Euro is still maintaining its gains, while the Dollar falls against a basket of major currencies, which supports goods valued by the U.S. currency, because they become more attractive to buyers from holders of other currencies.

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