Gold prices rose after reports that the European Central Bank to boost lending.
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Gold prices rose after reports that the European Central Bank to boost lending.

New York City : NY : USA | Dec 07, 2011 at 10:16 PM PST
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Gold prices rose after reports that the European Central Bank to boost lending.

Gold futures were up $13.10, or at $1,741.00 an ounce today.

Gold prices rose in trading today as global investors remained cautious ahead of the European Union summit.

Gold prices rose after reports that the European Central Bank (ECB) to announce to boost lending, increasing demand for gold as a hedge against future inflation.

European officials is being considered loosening collateral standards to give institutions more access to ECB cash and offering longer-term loans to support the flow of credit into the economy.

European Central Bank is already expected to slash interest rates by half a percentage point on Thursday.

The gold price was also boosted by slips in euro value and European financial crises .

Europe, US, China's and India’s physical demand for gold remains high despite the spike in prices

Albanian Minerals President and CEO Sahit Muja said that "Strong global demand for gold will continued to help gold prices".

The buyers in China and India bought a record gold in 2011.

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AlbanianMinerals is based in New York City, New York, United States of America, and is a Reporter on Allvoices.
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