Gold Price Barely Budges Despite ECB Stimulus Chatter
New York (Oct 22) Gold prices were virtually flat Thursday despite a flurry of economic data and the latest interest rate announcement from the European Central Bank .
The ECB maintained its key interest rate of 0.5% but Mario Draghi strongly hinted that additional stimulus will be offered in December unless the euro zone economy picks up.
Meanwhile in the US, initial jobless claims edged up to 259,000, an increase of 3,000 from the previous week's revised level of 256,000.
Existing home sales rebounded by much more than expected in September.
NAR said existing home sales jumped 4.7% to an annual rate of 5.55 million in September from a slightly downwardly revised 5.30 million in August.
Dec. gold settled at USD1,166.10 /oz on Comex, down USD1 , or 0.1%. Prices topped out above USD1190 last week.