from Gold Core:
Gold priced in euros surged through the €1,050/oz barrier to a high of €1,052.04 per ounce this morning. It’s up 7.2% this month, outperforming gold in dollars which is up 4.8%, and building on the 12% gains seen in 2014. Market participants are increasing allocations to gold in order to hedge a ‘Grexit’ and risks posed by euro money printing.
The euro slumped to a near nine-year low against the dollar after another report that the European Central Bank (ECB) is moving closer to announcing a full-scale quantitative-easing programme.
ECB policy makers, who have already cut their refinancing rate to a record, introduced a negative deposit rate and offered cheap funding to banks to boost lending, hold their next policy meeting on January 22.
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