MW: Gold rises as inflation worries return after rate cuts
By Moming Zhou
NEW YORK (MarketWatch) - Gold futures rose Thursday as demand for the precious metal as a hedge against inflation increased after major European central banks cut their interest rates. Gold for December delivery rose $10.10, or 1.4%, to $752.50 an ounce on the Comex division of the New York Mercantile Exchange. The Bank of England took drastic action Thursday, slashing its key interest rate by 1.5% to 3%. The European Central Bank, which sets monetary policy for the 15-nation euro zone, and the Swiss National Bank also moved to cut rates by smaller amounts.
