Gold Rises For 3rd Day on Hopes of ECB Action
Gold extended on Friday gains from the previous session, when it rose the most in two weeks on German Chancellor Angela Merkel’s support for more action by the European Central Bank to fight the bloc’s debt crisis.
Investors have been waiting for bolder moves by the ECB after President Mario Draghi said last month the bank would do everything in its power to hold the euro zone together, although a subsequent ECB meeting yielded few concrete measures.
Merkel’s support for Draghi injected confidence into the market and raised hopes that European leaders may eventually come up with a solution to the crisis, now in its third year, spurring investors to buy riskier assets.
