Euro Gold Surges Again as Dragi Threatens Negative Interest Rates - 6.7% October Surge

Published here: http://www.zerohedge.com/news/2015-10-23/gold-euros-surges-again-67-october-draghi-threatens-negative-interest-rates

Today’s Gold Prices: USD 1171.55, EUR 1052.84 and GBP 760.70 per ounce.
Yesterday’s Gold Prices: USD 1166.45, EUR 1031.30 and GBP 753.94 per ounce.      
(LBMA AM)

Gold in EUR - 1 Week

Gold fell by an even $1.00 yesterday to close at $1166.30.  Silver fell by $0.13 to close at $15.84.  Euro gold rose to €1050/oz yesterday and to over €1,062/oz today and has surged 6.7% in euro terms so far in October.

Gold in euros rose sharply to the highest in three months after the European Central Bank signaled it will likely engage in more QE and may even move to negative interest rates. Draghi's comments are gold bullish - particularly in euro terms.

Markets took ECB President Mario Draghi’s comments as a signal that additional easing was coming as soon as December. That weakened the euro against the dollar and gold.

Gold has risen about 5 percent in dollar terms this month as patchy economic data lessened expectations of a U.S. rate increase any time soon. Indeed, there are increasing noises suggesting negative interest rates may be coming in the U.S. and EU.

Gold is now just 0.2% lower for the week in dollar terms and is nearly 2% higher in euro terms. Gold is  on track for its best monthly performance since January, with a rise of 5.5%.

Silver's outperforming again today and is up 1% - it has broken above its 200-day simple moving average at $15.94/oz to above the $16/oz level again at $16.08/oz.

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