Gold offset his early losses and rose to its highest level in six and a half months today, Wednesday, after Japan by the traffic in the United States and Europe, the launch of more monetary easing measures to support the economy, boosting the attractiveness of gold as a hedge against inflation.
And Japan’s central bank boosted its lending and asset purchases by ten trillion yen ($ 127 billion) to 80 trillion yen, and designed to increase buying government bonds and treasury bills.
The program is the main tool of monetary policy of the central Japanese.
Said Jeremy Vrezn, commodities analyst at Societe Generale, said that it is expected to lead Japan’s bid and accepted by the United States and Europe, to stimulate economic activity, by buying bonds to weaken the currency, high inflation, both of which supported gold prices.
And said Vrezn “I expect that other central banks announce further soft policies, and is expected to continue to support gold.”
The price of gold rose in the spot market to $ 1779.10 an ounce, its highest level since February 29, and yellow metal rose 0.4% to $ 1777.89.
And increased U.S. Gold contracts for December delivery half a percent to $ 1780.40 an ounce.
And platinum rose $ 17 to $ 1634.49 an ounce, after falling earlier in the session following news of an agreement on the mine Marekana of the company for Lonmin to end the violent labor unrest lasted six weeks.
And silver rose 0.43% to 34.93 dollars, while palladium rose 1.3% to $ 671.40 an ounce.