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The price of gold rising against the outcome of the Bank of England and the ECB. On Thursday, the Bank of England did not extend the incentive program, fearing inflation, and left the rate unchanged at 0.5%, and the size of the program QE - at 275 billion pounds.
In turn, the ECB kept rates unchanged at 0.75%. Central Bank head Mario Draghi during a press conference, explained the motives of the decision. According to him, during the 2012 inflation will be kept above 2% and only in 2013 it is expected to fall below this mark. Consequently, the jump in inflationary pressures will be characterized as temporary. Draghi also said that the rate of economic growth are weak, and the recovery is very slow, because the mood of the players negatively affected by problems of financial markets.
Draghi comments strengthened the euro and weakened the dollar, which, in turn, led to a rise in gold prices.
October futures price of gold on COMEX today rose to 1793.3 dollars per ounce.
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