Gold hikes as England cut rates

Gold started steady in Asian trading on Friday as investors await the job data in the United States.

The price of gold rose 0.12 percent to $ 1362.45 per ounce. US Gold contracts increased 0.15 percent to $ 1369.40 per ounce.

The price of gold turned higher on Thursday after the Bank of England cut interest rates for the first time since 2009, although the gains were limited due to the high dollar after releasing a strong US jobs data.

The Bank of England announced a number of measures designed to stimulate the economy, including the purchase of high-value bonds worth 100 billion pounds, and another worth 60 billion pounds to buy government bonds.

Carney said that the majority of members of the Committee are supporting similar decisions in the future to reduce the interest rate in case data showed that the British economy will suffer a further decline in the short term.

Carney added that “there is no justification for banks” not to engage in financial lending at a lower interest rate.

Oil prices fell in Asian trade on Friday due to renewed fears of an oversupply of crude and refined products.

International Brent crude contracts for Brent crude fell 39 cents or 0.88 percent to $ 43.90 a barrel. US Brent crude contracts for West Texas fell 33 cents or 0.79 percent to $ 41.60.

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