Gold holds above US$1200 an ounce in New York

New York (Dec 4)  Gold eased overnight on the Comex in New York after the European Central Bank refrained from announcing more stimulus but the precious metal retained its solid weekly gain to remain above the US$1,200 level that many traders watch closely.

Gold for February delivery edged US$1 lower to settle at US$1,207.70 an ounce. For the week, the contract is up 2.7%.

The ECB left its key interest rate unchanged at 0.05% and announced that it will wait until 2015 to consider additional market supportive measures, including buying European sovereign debt.

In other metals trading, March silver gained 1% to US$16.58 an ounce. Silver is up 6.6% for the week, so far.

January platinum increased 1.5% to US$1,245.90 an ounce, while March palladium gained 0.6% to US$802.15 an ounce.

High-grade copper for March delivery added 1.5% to US$2.91 a pound.

Source: ProactiveInvestors