By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures extended gains on Thursday, rising further above $1,600 an ounce after European Central Bank President Mario Draghi vowed to save the euro.
Gold for August delivery GCQ2 +0.44% rose $4.50, or 0.3%, to $1,612.50 an ounce on the New York Mercantile Exchange. The metal breached $1,600 an ounce on Wednesday, closing at its best in nearly three weeks.
In an investor conference in London, Draghi was quoted as saying the central bank was prepared to do “whatever it takes to preserve the euro,” according to news reports.
That boosted expectations the ECB will take steps to rein in escalating debt costs in the peripheral euro-zone economies, and pushed the euro higher.
The dollar was weaker than most rivals, providing a boost to gold and other dollar-denominated commodities.
The dollar index DXY -0.97% , which measures the greenback against a basket of six other major currencies, slipped to 82.701 from 83.573 late Wednesday in North America.
Other metals futures tracked gold higher, with silver for September delivery SIU2 +0.47% up 20 cents, or 0.7%, to $27.67 an ounce. Copper for the same month’s delivery HGU2 +1.33% rose 5 cents, or 1.5%, to $3.43 a pound.
Claudia Assis is a San Francisco-based reporter for MarketWatch.
