Gold futures pushed well higher than $1,600 per troy ounce on Thursday and notched its top gains in about three weeks of trading in the aftermath of the president of the European Central Bank making strong comments endorsing the common currency of the European Union, according to published reports.
Reuters reports the euro advanced more than 1 percent against the U.S. dollar in the aftermath of Mario Draghi saying the institution he leads is set to exert top efforts for the sake of the 17-nation monetary unit.
"You've got a rise in the euro, which means a weaker dollar, and a risk-on environment, so everything that looks like a risky asset goes up," analyst Nic Brown with Natixis told Reuters. "Gold has been trading just like a commodity (lately) and is behaving like one today."
At 10:36 a.m. on Thursday, gold futures climbed 0.4 percent, a $6.50 lift to $1,619.20 per troy ounce.
Bloomberg reports policy makers with the U.S. Federal Reserve are preparing to convene to discuss interest rates, which will be announced on August 1.
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