Gold Bounces From Seven Week Low, Eyes Bank of Japan

by David Brough

(Reuters) – Gold rose on Thursday, after a drop to seven-week lows the previous day, with a rising euro and prospects of further monetary stimulus lending support to prices.

Spot gold was up 0.8 percent at $1,714.34 an ounce at 1451 GMT, bouncing off Wednesday’s seven-week low of $1,698.39. U.S. gold futures for December delivery were up $13.70 an ounce at $1,715.30.

Bullion rallied steadily to an 11-month peak above $1,795 an ounce in early October, with the U.S. Federal Reserve’s latest program of purchasing mortgage-backed debt fuelling investment in the metal.

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