Gold price surges to 1-mth high following Draghi comments

Sep 24, 2015 - 4:41 PM GMT

The gold price surged to its highest since August 25 during Thursday afternoon sessions as the yellow metal took advantage of a slump in the US dollar.

Spot gold was last at $1,154.80/1,155 per ounce, a $23.9 increase on the previous day’s close as the greenback fell nearly one percent against the euro to $1.287.

The dollar slumped following comments from European Central Bank (ECB) president Mario Draghi this afternoon when he stated the central bank needed more time before deciding on additional stimulus measures.  

The rest of the complex tracked gold higher, with silver back above $15 to $15.12/15.17.  Palladium was up $10 at $656/661.

Platinum recovered off its six-year lows to last trade at $952/957, a $24 increase on the previous close. The white metal found some support from a rebound in Volkswagen stocks – up 6.4 percent – following the announcement that chief executive Martin Winterkorn will step down after the company forged US car emissions tests.

(Editing by Perrine Faye)