Gold Extends Gains On Inflation Concerns

In the latest gold news, the price of gold moves higher today amid inflation concerns on a proposed bond buying program by the Federal Reserve. Gold prices have even broke the $1700 level today and broke its three-session losing streak yesterday.

Mar 8, 2012 | 10:44AM

( - The price of gold was moving higher Thursday morning amid inflation concerns on proposed bond buying program by the U.S Federal Reserve.

Gold for April delivery, the most actively traded contract, added $18.10 to $1,702.00 an ounce. Yesterday, gold snapped its three-session losing streak to end up marginally with the dollar weakening and investors warming up to some upbeat private jobs data. Also, news reports of the Fed considering a new bond buying program supported gold prices.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,293.68 tons.

This morning, the U.S. dollar was leveling off from its weekly high versus the euro and ticking lower against sterling. The buck was hovering near its 10-month high against the yen, while edging lower versus the Swiss franc.

In economic news, the Bank of England today left its key interest rates unchanged at 0.50 percent and maintains bond buying program at GBP 325 billion.

The European Central Bank is set to announce its interest rate decision at 7.45 a.m ET. Economists widely expect policymakers to maintain the rate at 1 percent.

From the U.S., the Labor Department will release its weekly jobless claims data at 8.30 a.m. ET. Economists expect the claims to remain unchanged at 351,000.

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