Gold Price Rebounds As Bank Of England Cuts Rates, Expands QE

New York (Aug 4)  Gold futures rebounded from overnight losses Thursday morning after the Bank of England cut interest rates for the first time in seven years.

The BoE cut to a record low 0.25% and announced plans to buy up GBP10 billion of corporate bonds. They also expanded their QE program by GBP60 billion to GBP435 billion.

BoE Governor Mark Carney warned, however, that monetary policy can't entirely offset the impact from Brexit on the economy.

Gold for December was up USD1.50 at USD1365.60 an ounce, moving back near this week's 2-year highs.

Traders await Friday's July US jobs report.

Source: AllianceNews