Precious metals rise as ECB cuts deposit facility rate

Thursday, 12. September 2019 14:07

Precious metals traded deeply in the green on Thursday as traders digested the latest interest rate decision from the European Central Bank (ECB). Moments earlier, the ECB announced that it cut the deposit facility rate by 10 basis points to -0.50%, while leaving the rates on the main refinancing operations and the marginal lending facility unchanged at 0% and 0.25%, respectively. At the same time, the Eurozone's central bank relaunched its asset purchase program at a monthly rate of €20 billion.

Meanwhile, trade tensions eased as the United States and China made moves of "goodwill" before talks resume in the following weeks.

Gold gained 1.02% at 12:03 pm CET, going for 1,511.89 per ounce, while silver rose 1.25%, changing hands for $18.34 at the same time. Platinum and palladium traded 1.45% and 1.19% higher at 12:05 pm CET, to go for $957.54 and $1,593.88 an ounce, respectively.

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