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09.08.2012 15:30

Gold is trading above $ 1610 per ounce

Gold prices have stabilized above $ 1610 per ounce, after declining during the day against the backdrop of the weakening euro and rumors of a possible stimulus measures by central banks of major countries.

Fluctuations in the price of precious metals today was caused by the release of Chinese data, which showed that the level of consumer price inflation fell to a 30-month low in July. In this connection there was the likelihood of further easing of the central bank in connection with the reduction of global economic growth.

Uncertainty over the timing and extent of any action to be taken by the Federal Reserve and European Central Bank to loosen monetary policy affect the price of gold, which this week traded in a narrow range.

The cost of the August futures for gold on COMEX has rose to 1616.7 dollars per ounce, and is now trading at around 1614.2 dollars per ounce.

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