Gold soars to 4-week peaks
On Friday, gold surged to four-week peaks as the Bank of England’s verdict to drop interest rates was still actual as market participants kept an eye open on the issue of major American employment data a bit later today.
In New York, December delivery gold futures grew 0.23%, being worth $1,370.55 per troy ounce.
Gold prices headed north after the BoE delivered its first rate drop for up to seven years on Thursday and also dropped a hint at further measures to stimulate the British economy in a bid to ward off recession following the UK’s vote in June to abandon the European Union.
The Bank of England dropped interest rates to a record minimum of 0.25% in an attempt to buffer the national economy from a downturn following Brexit.
Aside from that, the major bank also boosted its quantitative easing program by approximately £60 billion and also decreased its growth forecast for next year. Currently it’s expecting growth of 0.8% in 2017, which is down from 2.3% in its May forecasts.