Gold price surges to 9-month high on ECB moves

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Associated Press

Posted on October 4, 2012 at 2:02 PM

Updated Thursday, Oct 4 at 2:02 PM

The price of gold is at a nine-month high after the head of the European Central Bank suggested that its bond-buying program could benefit financially troubled Spain.

Gold for December delivery rose $16.70 Thursday to finish at $1,796.50 per ounce. Some analysts believe it will continue to post gains over the next several months.

ECB President Mario Draghi says Spain has made progress toward controlling its finances. He says the ECB could help control high debt costs but it's up to individual countries to request help. The ECB also is leaving its key interest rate for the 17 countries that use the euro at a record low 0.75 percent.

In other trading, prices are higher for oil, gasoline, silver, palladium, wheat, corn and soybeans. Copper is unchanged.

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