Gold (GLD) Ticks Higher as ECB Trims Outlook, Places No Limits on OMT

September 6, 2012 8:54 AM EDT
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The SPDR Gold Trust (NYSE: GLD) ETF is higher Thursday as ECB president Mario Draghi says the SMP is terminated and there is no limit on the size of outright monetary transactions (OMT).

The ECB will also suspend minimum credit threshold for some marketable debut instruments.

Draghi notes that the decision wasn't unanimous, that one member dissented.

Finally, the ECB cut growth forecasts, now seeing only gradual recovery.

Gold December contracts are $10.1 higher to $1,704.1 per ounce on the Comex.

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